Embed Size (px)
Citation preview
This news release is issued by HSBC Expat
Issued by HSBC Expat a trading name of HSBC Bank International Limited,
HSBC House, Esplanade, St Helier Jersey JE1 1HS. HSBC
Bank International Limited is regulated by the Jersey Financial Services
Commission for Banking, general insurance mediation, investment and fund
services Businesses’ HSBC Bank International Limited is regulated by the Jersey
Financial Services Commission for Banking, General Insurance Mediation, Collective Investment Schemes & Investment Business
Embargoed until 12.01am BST, 8th
October 2012
Expat wealth heads to Southeast Asia
Singapore home to wealthiest expats, with Asian countries topping charts for
increased earnings
Despite strong outlook, many Middle Eastern expats only plan a short term stay
European expats choosing to weather the Eurozone storm
Southeast Asia has come to the fore as a leading destination for expat earning potential
according to the latest findings from HSBC Expat’s Expat Explorer survey. The largest global
survey of expats shows that Singapore this year tops the Expat Explorer Economics league table,
which ranks countries based on a number of factors such as earning levels, disposable income
and ability to accumulate luxuries. Four additional countries in the region also make the top ten,
including Thailand (3rd
), Hong Kong (4th), China (7
th) and Vietnam (10
th).
In the midst of wider global turmoil, expats in Southeast Asia continue to benefit from increased
earnings with Singapore holding the largest proportion of wealthy expats of any country. More
than half (54%) of Singapore-based expats who took part in the Expat Explorer survey earn
more than $200,000 USD per year, compared to a global survey average of only 7%.
Furthermore, four in five (80%) expats in Singapore saw an increase in their disposable income
since relocating. This trend for increased earnings is mirrored across other Asian countries, with
expats in Hong Kong (79%), Malaysia (72%) and China (69%) benefitting from an increase in
disposable income since moving to the country.
The annual Expat Explorer survey, now in its 5th year, is the largest global survey of expats.
HSBC Expat’s Expat Explorer surveyed 5,339 expats from nearly 100 countries worldwide;
making it the largest ever sample to date. The findings reflect the views of survey respondents
living and working abroad.
Commenting on the findings, Dean Blackburn, Head of HSBC Expat says:
“The Expat Explorer survey provides a wealth of information and is a valuable resource for
the expat community, especially for those looking at trends in the migration of expat earning
potential from country to country. While Southeast Asia has historically been a popular choice
for those looking for increased quality of life, we’re also seeing a steady increase in the levels of
expat wealth heading to the region. These two factors combined indicate that the region is fast
becoming an all-round top expat destination.”
Despite strong outlook, many Middle Eastern expats only plan a short term stay
Expats in the Middle East show higher levels of satisfaction in the state of their economy
(Oman, 90% satisfied; Qatar, 89%; Saudi Arabia, 83%; UAE, 77% and Kuwait 68%) than
expats globally (59%) and many have reported being better off financially. Roughly two-thirds
of expats in Qatar (67%), Bahrain (66%), and Oman (65%) have reported higher disposable
income since relocating to their current country, compared with only 52% of expats globally.
Despite the positive outlook, many expats are actively looking to leave the region. Roughly one
third of expats in Saudi Arabia (34%), Qatar (30%) and Oman (29%) are actively looking to
leave their current country for either another posting or to return to their home country,
compared to just over one in ten (13%) globally.
However, the desire to leave doesn’t seem to indicate that expats are unhappy in their current
posting. Instead, the survey shows that many expats who head to the region retain a much
stronger affiliation with their home country than expats in general (Qatar, 90% identify strongly
with their home country; Saudi Arabia, 90%; UAE, 88%; Bahrain, 87% and Oman, 77%). This
suggests that many expats always intended to move to the region for a set period of time,
potentially to take advantage of the higher income available, before moving elsewhere or back to
their home country.
European expats are willing to weather the Eurozone storm
Expats across Europe have reported feeling the impact of the Eurozone storm but those in Spain
are feeling the effects most acutely. Spain-based expats are twice as likely (39%) to feel that
their country is off on the wrong track than the global average (19%) and more than half (58%)
report that the country they are residing in is getting worse for expats. Although not quite as
pronounced as Spain, the sentiment that the country is economically getting worse as a place to
live and work for expats is echoed across other European nations including the UK (44%),
Netherlands (43%) and France (33%).
Satisfaction with the Eurozone economies is similarly bleak. While those in Spain are most
likely to report dissatisfaction with the current state of the economy (92%), expats in the UK
(68%) and France (48%) are also more likely to be unhappy with the current state of the local
economy than satisfied.
Despite the pessimism towards the current economic environment, expats in Europe are proving
resilient to wider Eurozone woes. While more than one in ten (13%) expats globally are actively
looking to leave their current country, no expats (0%) in Spain are actively looking to leave and
three-quarters (74%) are intending to stay. UK- and France-based expats exhibit similar figures
with 71% and 69% respectively intending to stay put (compared to a global average of 62%).
Bucking the trend for European countries is Germany. More than nine in ten (91%) expats in
Germany believe that the economic situation in their country is either getting better or staying
about the same, with a similar number reporting that they are satisfied with the current state of
the economy (86%). In addition, the majority of expats in Germany (61%) think that things are
generally heading in the right direction (compared to a global average of 37%) and associate the
country with strong political stability (67% vs global 35%).
Dean Blackburn continues: “Despite some of the pressures expats are facing across the globe,
financially-minded expats are taking the right precautions to ride out periods of uncertainty and
are able to spot the right opportunities to help them weather the storms to advance their careers.
“This is the 5th year we’ve run the Expat Explorer survey and the quality and depth of the
findings continue to provide a wealth of information for the expat community. Not only is our
online interactive tool a valuable and trusted resource for expats, the insights also help us as a
business offer advice to those looking to grow and protect their wealth while living or working
abroad. At HSBC Expat we strive to help our customers make the most of every new
opportunity available to them while working and living abroad.”
To see how your country compares in this year’s Expat Explorer survey, visit the interactive
tool: http://www.expatexplorer.hsbc.com/
Follow the updates and join the debate online:
Tweet at: http://twitter.com/expatexplorer
Share your experiences: http://expatexplorer.blogspot.com/
-ends-
Media enquiries to: Katy Vawser-Ringsdore
Communication Manager,
Global RBWM Communications
HSBC Expat
+44 (0)1534 606865
Karen Butcher/Joey Ng
Hill+Knowlton Strategies
+ 44 (0) 207 413 3181/(0) 207 973 5941
Notes to editors:
About the Expat Explorer survey
The Expat Explorer survey, now in its fifth year, is the largest global survey of expats. Commissioned by HSBC Bank International
and conducted by a third party research company YouGov, 5,339 expats took part in 2012.
Individuals from four continents described the opportunities and challenges they experienced living away from home. The survey
provided an insight into how expat life differs from country to country, continent to continent and from an expats’ country of origin.
An expat is defined as someone over the age of 18 years old and currently living away from their home country (country of origin).
The survey was designed to capture the views of the internationally representative expat population.
The findings of the report are based on answers collected from expat respondents to the survey and not the views of HSBC Expat.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide
from around 6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific region, North and Latin America, and the Middle East and North Africa. With assets of US$2,652bn at 30 June 2012, the HSBC Group is one of the world’s largest banking
and financial services organisations
HSBC Expat
HSBC Expat is a trading name of HSBC Bank International Limited. HSBC Expat is an award winning provider of offshore
financial services, with its head office based in Jersey, Channel Islands. It also has representation in the, Dubai, Hong Kong and
South Africa. As part of HSBC Holdings plc, HSBC Expat has the experience to offer customers living and working abroad, tailored offshore financial solutions. For more information visit: www.expat.hsbc.com
Ends/all
