The Lion City, Singapore topped the list of the latest HSBC’s annual expat survey for the third year in a row, leaving behind its fellow countries in Southeast Asia region such as India, Taiwan, and Hong Kong. A strong economy, impressive environment to raise a family, and confidence in improving financial income are among the reasons why many expats find living in Singapore is outstanding.
According to the survey, almost 3 in 4 expats (73 percent) said the country offers better earnings potential than their home country. They reported a 42 percent increase in their annual income since moving to the country, with an average of almost USD118,000. Expats in Singapore are also very confident in the strength of local economy amidst current global economic uncertainty (73 percent) and fond of the country’s political climate (83 percent).
Singapore is also ranked as one of the most secure place to live in the world, with 82 percent expats surveyed said they feel safer here than at home. Not only that, Singapore also comes in third in the rankings of best place to live for families. Expat parents consider it has among the best quality of childcare, children’s health, and wellbeing. As much as 74 percent expats find that their children’s overall quality of life is better than they would have at home country.
However, all these privileges also come at a price because an expat life in Singapore is not cheap. While they earn more salaries, more than two-thirds (65 percent) said that they also have more disposable income than at home. Most of the money is spent on taking more holidays since the move (50 percent) and living in better property (40 percent). Meanwhile, retirement savings and long-term investments are also among the biggest disposable income, with 57 percent and 40 percent respectively.
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The cost of living for expats who have families in Singapore is even pricier, with almost nine in ten expat parents (85 percent) said childcare is more expensive than at home. However, with Singapore ranked second in our global rankings for the quality of children’s education, the investment seems worth it.
HSBC’s Expat Explorer survey uses a score that summarises expats’ overall views of the destination countries. The overall score is the average of the economics, experience and family scores, covering 27 key questions from the survey.
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