Singapore - Singapore best place in Asia for expats: survey

Singapore is the best place in Asia and third best in the world for expats in terms of wealth and finances.

Latest findings from the 2011 Expat Explorer survey commissioned by HSBC Expat show that in areas such as earning levels, disposable income, spending, saving, investing patterns and the impact of the current global financial climate, Singapore is tops.

Half of those surveyed here earn over US$200,000 (S$257,000) per annum, placing Singapore second in the world for expat income. They also benefit from low taxation with over three quarters (84 per cent) spending less on taxes since relocating.

A little more than half also said that their income has increased since moving to Singapore, compared to just about a third over all.

However, accommodation expenses contribute to the higher cost of living here with 82 per cent spending more on this, compared to the global average of just 50 per cent.

Food is also a factor, with 65 per cent spending more on this here compared to the 50 per cent global average.

The survey also revealed that while the economic unrest around the world has caused expats to have little confidence in their local economy, it is not true for Singapore. On the flipside, 68 per cent of expats here are upbeat about the economy, and think the Singapore economy is strong. This can perhaps account for why only 29 per cent of expats here are actively looking to relocate.

Three main concerns of expat parents are childcare, health and wellbeing, and integration of children. Singapore scores highly in this regard, with expats here ranked first in being most satisfied with education here.

However, majority of expats surveyed say that the overall cost of raising children has increased since relocating here. They incur the highest average costs for children's education across the world (US$20,122 compared to the global average of US$11,559). Countries which ranked higher in expat income, such as Singapore (second position), are more likely to send their children to an international school (73 per cent compared to the global average of 50 per cent).

With all this, it is no surprise then that Singapore (9 per cent) emerged as the third ideal expat destination behind Australia (10 per cent) and the United States (10 per cent). In addition to being a favourite among expats, the study reveals that Singapore is also highly regarded as the ideal expat location which can offer the best of both worlds in terms of better quality of life (66 per cent expats who picked Singapore as ideal location think so) and career prospects (65 per cent).

Expat Explorer surveyed 3,385 expats from over 100 countries, an increase in reach from 2010. The report covers every aspect of life overseas, from managing finances and the economic benefits of relocating, to lifestyle issues and raising children abroad.

AsiaOne

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