Singapore home to wealthiest expats

54% of Singapore expats earn more than US$200K annually versus global survey average of only 7%.

Singapore has risen to top position in the ‘Expat Explorer Economics’ league table, an indicator of expat wealth which ranks countries based on a number of economic factors such as earning power, disposable income and ability to accumulate luxuries.

This means that Singapore is the most favoured expat destination where wealth and finances are concerned, climbing from its third place last year to occupy the number one spot this year. According to the latest findings from the Expat Explorer 2012 survey commissioned by HSBC Expat, Singapore has the largest proportion of wealthy expats of any country. More than half (54%) of Singapore-based expats who took part in the survey earn more than US$200,000 in annual income, compared to a global survey average of only 7%.

Expats in Singapore earning more
The survey also reveals that four in five (80%) expats in Singapore saw an increase in their disposable income since relocating here. Around half (44%) reported an increase of 50% or more in their disposable income, compared to the global average of just under a fifth (19%).

In terms of family wealth, almost three-quarters (74%) of expats in Singapore witnessed an improvement in the financial status of their household. This trend for increased earnings is mirrored across other Asian countries, with expats in Hong Kong (79%), Malaysia (72%) and China (69%) also benefitting from an increase in disposable income since moving to the country.

Expat wealth begins migration from Middle East to Asia
Southeast Asia has come to the fore as a leading destination for expat earning potential in spite of wider global turmoil, with Asian countries dominating the ‘Expat Explorer Economics’ league table this year. Five countries in the region made it to the top ten ranking, namely, Singapore (1st), Thailand (3rd), Hong Kong (4th), China (7th) and Vietnam (10th). While the Middle East has reigned in previous years as the region of choice for expats seeking wealth, Asia is now beginning to take the expat wealth crown according to findings in the largest global survey of expats carried out by HSBC Expat.

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