Expats earn more in Hong Kong, but prefer to live in Singapore, according to HSBC survey

Expatriates living in Hong Kong earn 10 per cent more than those in Singapore, but the Lion City has once again outranked it as a better place for them to live, according to HSBC’s Expat Explorer Survey.

According to the survey, now in its 11th year, expatriates in Hong Kong also make the most amount of money in Asia-Pacific and the third worldwide. They earn an average salary of US$178,706 a year, US$72,000 more than the average expatriate globally. This only behind Switzerland at US$202,865 and the US at HK$185,119. Expatriates in mainland China, who ranked second in Asia-Pacific, earn an average of US$172,678 while in Singapore, which ranked third, they earn US$162,172.

The survey polled 22,318 expatriates in 163 markets worldwide in March and April this year. And while Hong Kong has featured in the top three for expatriate earnings in Asia-Pacific for the past three years, it has lost out to Singapore, which is considered the best place to live by expatriates. This is the fourth year in a row that Singapore has ranked top in terms of living conditions for expatriates.

The high salaries in Hong Kong come at a price, with 50 per cent of expatriates saying they worked longer hours after moving here. About 28 per cent of expatriates earned 50 per cent more here than at home, ahead of Singapore where expatriates earned on average 27 per cent more than at home.

Every six in 10 expatriates in Hong Kong said they had more disposable income than they did before moving here. This was because they paid lower taxes here, while a quarter of the respondents said their employer covered some of their expenses, such as accommodation, schooling and cars.

About 72 per cent of expatriates in Hong Kong said the city was a good place for expatriates who wanted to progress in their careers, the highest proportion across Asia-Pacific.