It’s a well-known fact that professional expatriates tend to earn more than their peers back in the UK. In part this is because they may pay less income tax and encounter fewer hidden taxes locally, and in part it’s because many other nations are far stronger than the UK economically speaking at the moment.
The latest survey of 4,127 expats in 100 different countries by HSBC has revealed that there are specifically 10 nations where professionals are currently earning much more than their peers in the UK – and so if you’d like to know which are the 10 best countries to work in abroad if you just want more money, read on!
We’ve based our findings purely on the basis of the average income enjoyed by the average expatriate located in the following 10 locations around the world, according to the wealth related findings of HSBC’s Expat Explorer survey. You may not like any of the nations suggested, alternatively you may not be able to find work in your profession in any of the nations cited. However, if you simply want to expatriate to chase more cash to enable your future financial dreams, here’s where you need to be headed: –
1) Singapore – almost half of the expatriates surveyed who were living and working in Singapore stated that they were earning over $200,000. What’s more, most expats benefit from the lower tax regime and enjoy a higher disposable income as a result. One of the largest employment sectors for expats in Singapore is finance – and most expats feel the economic situation locally is strong.
2) Russia – over one third of all professional expats in Russia report earning over $250,000 per annum, and the driving force for over three quarters of all foreign nationals working in the Russian Federation is to gain financially or in terms of career progression. It is seen as a short-term base, and one where expats can intensively save. Finance, construction and utilities are high employment areas.
3) Bermuda – Bermuda has a higher than average number of expats earning over $250,000, with over three quarters of all expats living on the island employed in the financial services industry. 96% of expats in Bermuda also have more disposable income than previously, but their costs and outgoings are also higher.
= 4) Saudi Arabia & Hong Kong – expats in Saudi and Hong Kong enjoy tax benefits which can enhance any salary package. In Saudi expats earn more, pay less tax, save more and are the least likely to ever invest money in their host nation. In Hong Kong expats believe their economic position is improving, and state that expat life is great locally. Again, the finance industry is a strong employer in both locations.
6) Philippines – this is a new nation to the Expat Explorer survey and a lot of the expatriate wealth is retirement related…however, expats resident in the nation do state that they have a strong disposable income and can afford a high degree of luxury in their new life.
7) Switzerland – the financial services industry is a big employer in Switzerland and it’s well known as a high wealth centre – however, the cost of living in Switzerland is also high and this can impact on an expat’s disposable income.
=8) UAE & USA – taxation benefits in the UAE advance the average expat’s buying power, and high-ranking professional postings in the USA ensure professional expatriates are well paid. However, expatriates living in America state that they pay far higher healthcare/insurance costs than before they immigrated, and expats in the UAE have really seen a downturn in economic fortunes locally over the past 12 plus months.
10) Qatar – 83% of expats living and working in Qatar are doing so solely to earn more money and/or advance their career prospects aggressively – which is why it’s the number 1 nation in terms of the number of expats able to save and invest far more than before they relocated. Qatar based expats have high disposable income clearly – because not only do they save it hard, they also spend it well!
We hope that the above list of the top 10 nations, where you can earn more on average than in the UK, shows you that there are opportunities out there if you want to advance your economic and career prospects. You don’t have to sit idly by and watch your work life going nowhere whilst your savings earn less than inflation-proofing interest rates – there are strong, exciting, well-paid and positive opportunities for you, your wealth and your future out there…