Hong Kong top for career-driven expats, survey shows

Over two-thirds of Hong Kong expats say the city is a good place for career progression, according to HSBC study

PUBLISHED : Wednesday, 21 September, 2016, 2:31pm
UPDATED : Wednesday, 21 September, 2016, 2:31pm

Hong Kong is the best place for expats looking to move up the career ladder, according to new findings by HSBC.

The study found 68 per cent of Hong Kong expats consider the city a good place to progress their career, making it the top-ranked city for career progression.

By comparison, 61 per cent of Singapore and United States respondents and 62 per cent of expats in the United Kingdom thought their chosen country was good for getting ahead at work.

Almost 27,000 respondents in 190 countries and territories took part in the poll.

Hong Kong ranked 13th overall, down from 11 last year, with Singapore, New Zealand and Canada taking the top three places in the rankings which considered scores for economics, experience, and family.

More than 60 per cent of Hong Kong expats said they earned more than in their home country, compared with 45 per cent globally.

Hong Kong expats earn about US$170,000 or HK$1.32 million a year on average, more than the global average of US$97,000 for an expat, and well above the HK$67,600( US$8,715.89) annual salary for a person earning Hong Kong’s minimum wage.

Over 50 per cent of expats say living in Hong Kong has helped them save faster towards retirement compared with 40 per cent of expats globally.

“As an international financial centre with close proximity to China, Hong Kong continues to offer a vast number of exciting job opportunities which appeal to expats looking for a dynamic career, fast progression and better financial rewards,” said Greg Hingston, HSBC Hong Kong’s head of retail banking and wealth management.

Hong Kong ranked 12th for experience, 19th for economics and 18th for family. Switzerland topped the charts for economics, New Zealand for experience and Sweden for family.

Over half of the Hong Kong expats surveyed were between 34-54, 49 per cent worked in the financial sector, and 35 per cent were from the United Kingdom.

An Expat Insider survey released earlier this month saw Hong Kong falling from its 10th place two years ago to land at 44th place out of the 66 countries ranked, ranking 59th overall for work/life balance.