HSBC Expat Explorer results have been released and if you’re considering moving overseas with the objective of accumulating wealth then Russia may just be the place for you, according to their recent survey of expat wealth throughout the world.
HSBC Offshore’s Expat Explorer survey was published this week and it reveals that Russia, Saudi Arabia, Bahrain, the United Arab Emirates and Singapore offer expats the greatest opportunity was accumulating wealth. According to the survey, expats in these countries have higher salaries, more disposable income and more opportunity to purchase luxury items. At the other end of the scale, expats in European countries enjoy the least levels of wealth.
The HSBC annual Expat Explorer report is now in its third year and was developed as a result of research conducted by research company GfK, this year’s report compares the financial comfort levels of expats all over the world through examining their income levels, spending patterns and ability to save. According to HSBC it is the largest ever survey of expats with over 4,000 expats over 100 countries taking part.
According to HSBC’s survey, the highest earners live in Russia, with over 36% of expats based here earning in excess of $250,000 USD a year. They are closely followed by Singapore at 32% and Bermuda at 27%. Overall, the average number of expatriates all over the world who earned in access of $250,000 USD is 13%.
It is a very different story for expats living in European countries with 62% of expatriates living in Spain, 47% of expats in France and 45% of expats in The Netherlands earning less that $60,000 USD a year.
“The report has revealed that these countries were the worst performing when looking at purely financial criteria. Not surprisingly, a number of expats in these economies are actively looking to return home,” Lisa Wood, head of customer propositions at HSBC Bank International, revealed.
Within the report HSBC attributed the disparity in earnings to “Asia and the Middle East (…) weathering the financial storm particularly well compared to countries in the euro zone.”
HSBC spokeswoman Lisa Wood also commented on the widening gap between expats in the east and west saying:
"The BRIC (Brazil, Russia, India, China) economies have fared well over the last year and as a result we've seen that these expat locations are particularly strong when it comes to expat finances.
"Euro zone countries were the worst-performing when looking at purely financial criteria and subsequently all featured in the bottom quartile of our league table."
Overall the United Kingdom emerged as the worse place in the world for expatriates to live. According to HSBC’s survey 69% of expats living in Britain believe that the economy has deteriorated significantly since 2009 and over 66% of them also believed that their career opportunities had decreased. Of the expats surveyed in the 2010 HSBC Explorer research 11% claimed that they have been unable to save any money since coming arriving in the United Kingdom.
If you’re considering moving overseas then please consult one of our international relocation guides. They contain everything you need to know about the cost of living in popular expat cities throughout the world, with a full and comprehensive list of the cost of everyday items from a cup of coffee through to a cinema ticket. They also contains indispensable destination specific information that covers all practical aspects of moving overseas.
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