A small island state in Southeast Asia has come out tops in a listing of countries that boast of the richest expatriates. Bloomberg| Getty Images| Private yachts are berthed outside luxury homes and condominium apartments at Sentosa Cove in Singapore. In an annual survey released by HSBC on Monday — which was conducted across 100 countries and involved more than 5,000 expatriates — Singapore emerged as the most favored expat destination to make money in and accumulate luxuries. Foreigners, who make up a sizable portion of Singapore’s 5 million-plus population, earn more than those living in any other part of the world. About 54 percent of Singapore-based expats who took part in the poll earn more than $200,000 annually compared to a global average of only 7 percent according to the Expat Explorer 2012 survey. Singapore, which came in third place last year, moved up two slots to beat Bermuda at No. 2 and Thailand at No. 3. The three other Asian countries that made it to top 10 are Hong Kong, China, and Vietnam. The survey, in its fifth year, showed 80 percent of the expats who moved to Singapore saw an increase in their disposable income. Around 44 percent reported an increase of 50 percent or more in their disposable income, compared to the global average of just under a fifth. Given the bleak employment picture in both Europe and the United States, job hunters are increasingly looking eastwards for opportunities, with 70 percent of the expats surveyed citing better career prospects for the move to Singapore. How is this helping Singaporean citizens?
Posted on: Fri, 27 Sep 2013 13:45:36 +0000
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