China has biggest share of high-earning expats, HSBC survey reveals
HSBC survey shows China accounts for 29pc of all overseas workers earning US$250,000 a year
Expatriates in Asia are most likely to earn more than a quarter of a million US dollars a year, an HSBC survey said, and even more so if they work in mainland China.
Overall, Hong Kong ranks 10th in a list of favoured expatriate destinations. Switzerland is first, followed by Singapore and mainland China.
Six of the top 10 expat locations are in Asia.
Market research firm YouGov polled nearly 9,300 expats in some 100 countries for the HSBC-commissioned Expat Explorer survey, asking people about their financial well-being, quality of life and the ease of raising family in the locations.
Hong Kong ranks sixth for finances due to higher salaries and greater disposable incomes. But the high costs of raising children and housing are major disadvantages.
On the upside, 70 per cent of Hong Kong expats said they travelled more since arriving in the city and 38 per cent said luxury vacations were a major perk of moving.
In mainland China, 65 per cent of expat parents said the quality of their children's education had improved since the move. They also said they spent less on day-to-day expenses and leisure, which, when coupled with higher salaries, added up to greater disposable income than back home, the survey said. Over two-fifths said they have a more active social life since moving to China, compared with the global average of 28 per cent.
Expats throughout Asia felt similar financial advantages, according to the survey.
Fourteen per cent of expats in Asia earn more than US$250,000 a year, compared with only 5 per cent in Europe.
Singapore was the top destination in Asia, performing solidly in all quality-of-life categories, including accommodation, social life and health care.
Asia also came out as the continent for adventurous expats, with more than 44 per cent saying a new challenge was a key driver for moving. Those who move to Asia most often originate from Western countries such as the United States and Britain.
