Singapore has topped the list of destinations for expats as they feel the island nation offers better career opportunities and quality of life, says a report.
According to HSBC’s report from the ‘Expat Explorer’ series, expatriates enjoy some of the world’s best financial rewards and career opportunities in Singapore, while benefiting from an excellent quality of life and a safe, family-friendly environment.
It has topped the overall ‘Expat Explorer’ country league table for the second year running, as almost two-thirds of expats said they earn more and have a better quality of life.
The survey covered 26,871 expatriates from 190 countries, including India, through an online questionnaire in March and April 2016.
While London and New York have featured as the places to boost job prospects, Sydney has attracted more than half of expats to its wealth of parks, beaches and sports.
For culture, expats prefer Paris and Toronto for security as it is a safer place to live.
“Expats consistently tell us that moving abroad has helped them achieve their ambitions and long-term financial goals, from getting access to better education for their children to buying property or saving more for retirement.
“Most expats also find that their quality of life has improved since making the move and that they are integrating well with the local people and culture,” HSBC India Head of Retail Banking and Wealth Management S Ramakrishnan said.
Millennials are drawn to expat life to find more purpose in their careers, the survey said, adding nearly a quarter (22 per cent) of expats aged 18-34 moved abroad to find more purpose in their career.
It revealed that, millennials are finding the purpose they seek, with almost half (49 per cent) saying they are more fulfilled at work than they were in their home country.
Expat life accelerates progress towards financial goals towards their long-term financial goals, it said.