Singapore ranked best place in the world for expats
Photo: Nicolas Lannuzel
Singapore has been ranked as the best place in the world for expats to live.
The nation has emerged as the number on destination for expats to enjoy excellent quality of life, financial wellbeing and better career prospects, topping not just one but two separate surveys.
Expats highlighted its safe environment, confidence in the local economy and the quality of life for their children as some of the best reasons to live there in HSBC's Expat Explorer study.
Although living in the country is expensive, expat earnings are high: an average expat salary of USD159,000 p.a. puts the country well above the global average of USD104,000 p.a. As a result, nearly two thirds of expats enjoy a greater level of disposable income than at home, while 60 per cent are able to save more, compared with only 16 per cent who say they save less.
Over two thirds (67 per cent) of expats also say they have enjoyed a rise in their quality of life since moving there (compared with the global average of 53 per cent). Expat parents say there are clear benefits for their families, with almost two thirds (65 per cent) stating their children's health and wellbeing has improved since moving (compared with the global average of 48 per cent).
New Zealand, Sweden, Bahrain and Germany are the other countries ranked by expats in the top five overall destinations. Expats in each of these destinations say they are a good place to raise a family and Sweden ranks first in the Family league table. Germany, Sweden and Bahrain rank in the top ten countries for Economics, while New Zealand ranks first for Experience.
Singapore's surprise victory was swiftly followed by another triumph on NatWest's quality of life index.
In the last year, the index has seen Singapore sling itself from fourth place into pole position, with over eight in ten British expats in Singapore (84 per cent) seeing an increase in their overall quality of life since moving to the island nation. A similar number reported an improvement in their health (86 per cent), a nicer, sunnier environment (84 per cent) and better job conditions as the main selling points of the Lion City.
Indeed, the country's career prospects are a major driver behind its popularity. HSBC reports that almost three in five (59 per cent) expats say the city-state is a good place for career advancement, while 53 per cent say the chance to acquire new skills at work is better than at home (only 12 per cent disagree with this view). Nearly a third (30 per cent) of expats in Singapore work in banking, insurance or financial services, reflecting its place as one of the major financial hubs in Asia.
This potential for strong earnings and good living conditions helps Singapore to overtake traditional expat destinations such as Australia and Canada. Interestingly, though, only 9 per cent of expats plan to stay in Singapore permanently, as the majority are there on temporary work assignments, according to NatWest. Indeed, in 2008, when the lender's Quality of Life Index began, expats were predominantly "lifers" (67 per cent), who were more likely to move abroad in search of sun, sea and a fresh start. In 2015, these types of expats account for just 28 per cent, while temporary expats account for 40 per cent.
"Singapore is clearly a vibrant nation filled with lots of opportunities for career-focused expats," comments Dave Isley, Head of NatWest International Personal Banking. "With improved health, and beautiful surroundings, who can blame ambitious Brits for choosing this sunny city state, which stands as a great example that you don’t have to choose between business and pleasure!"
Singapore has alo seen a range of tax exemptions and flexible immigration policies put in place by the Government who are keen to appeal to expats, who currently make up 38 per cent of the total population.