Update | China beats Hong Kong and Singapore to be ranked best destination for expats
HSBC survey reveals Chinese mainland was No 1 destination of choice for expats in 2013
The Chinese mainland has overtaken Hong Kong, Singapore and the rest of the world as the destination of choice for expats, according to a new survey by HSBC.
The mainland rose from 7th spot in the bank’s similar survey on purely economic conditions for expats last year to 1st in this year's overall ranking. In terms of economic conditions, the mainland ranked second globally after Switzerland this year.
Hong Kong fell from 4th to 10th place overall and came 19th in terms of economic conditions. Singapore, which topped last year’s ranking, came third overall after the mainland and Germany.
The survey of about 7,000 expats in 37 countries showed that Asia has widened its appeal for expatriates, offering higher average salaries than anywhere else. Expats in Asia made US$74,000 (HK$574,000) on average last year, compared to $64,000 elsewhere, the bank said.
The decision by expats to move to China is still mainly driven by economic factors, the survey showed. Seven in ten expats moved to the mainland because of better job opportunities, whereas only four in ten emigrated to Hong Kong to move up the career ladder.