- Home » Moving Abroad News » Singapore and Hong Kong are hubs for wealthiest expats
Singapore and Hong Kong are hubs for wealthiest expats
Singapore and Hong Kong are hubs for wealthiest expats
| Published: | 12 Oct at 9 AM |
HSBC Expat’s latest Expat Explorer survey has found that the richest foreigners are now to be found in Singapore where last year it was Saudi Arabia. The study looked at 5,000 expats and showed that there has been a swing from the Middle East to Asia.
As well as Singapore, Hong Kong, Vietnam, China and Thailand are now in the top ten. Over half of the expats living in Singapore said they were earning £125,000 or more per year and 80 per cent said they were now earning more money than before they relocated. Hong Kong came a close second with 79 per cent saying they now earned more and in Malaysia 72 per cent claimed to be better off.
Last year’s survey found that the richest expats were living in Saudi Arabia with other Middle Eastern countries including Qatar, the United Arab Emirates, Egypt and Bahrain also included in the top ten. Now only Bahrain is at the top of the rankings with Saudi Arabia having slipped to 18th position.
Paul Richardson, HSBC Expat Asia senior manager, said Asia now appears to be stronger than the Middle East in economic terms although both regions are continuing to grow. He added that more businesses are moving to the east with Singapore and Hong Kong being the major hubs in the region.
Indonesia also appears to have come out of the global recession relatively unscathed and is doing well out of trade with China, currently the world’s number two economy.
As well as Singapore, Hong Kong, Vietnam, China and Thailand are now in the top ten. Over half of the expats living in Singapore said they were earning £125,000 or more per year and 80 per cent said they were now earning more money than before they relocated. Hong Kong came a close second with 79 per cent saying they now earned more and in Malaysia 72 per cent claimed to be better off.
Last year’s survey found that the richest expats were living in Saudi Arabia with other Middle Eastern countries including Qatar, the United Arab Emirates, Egypt and Bahrain also included in the top ten. Now only Bahrain is at the top of the rankings with Saudi Arabia having slipped to 18th position.
Paul Richardson, HSBC Expat Asia senior manager, said Asia now appears to be stronger than the Middle East in economic terms although both regions are continuing to grow. He added that more businesses are moving to the east with Singapore and Hong Kong being the major hubs in the region.
Indonesia also appears to have come out of the global recession relatively unscathed and is doing well out of trade with China, currently the world’s number two economy.
