Asia tops the list for wealthiest expats, but the Middle East draws career focussed expats
Our news section is no longer updated. This article is over 6 years old.
A recent report has revealed that Asia is the destination of choice for high earning expats, with over 14% of expats in Asia earning over $250,000 per year.
For the top earning expats, China leads the way with 29% of expats earning $250,000 or more, compared with a global average of 7%. India (18%) and Switzerland (17%) are next on the list.
However, in terms of career progression, the Middle East continues to shine as the destination of choice for those looking to further their careers, with 63% of expats in Qatar saying that they moved there to improve their career prospects.
The HSBC Expat Explorer report, which takes into account the opinions and feedback of over 3,900 expats around the world, revealed the latest findings as expats continually look to international relocation to improve their financial situation.
32% of expats declared through the survey that career progression was the primary reason for their relocation, with countries in the Middle East dominating the locations people choose to move to.
Increased financial complexity for expats
However, while international relocation may provide fantastic opportunities to increase earnings, 60% of expats have also highlighted that their finances have become much more complicated since moving abroad.
For British expats, with over 51% maintaining a UK based bank account, managing finances in two (or more) countries is the primary reason for the increased complexity. When combined with managing taxes across two borders, the increase in complexity can lead to increase stress, and in some cases severe penalties.
Despite the increasing complex situation, the increased earning potential leads to a propensity to spend more going out, with 58% admitting that they spend more on recreational activities, such as eating at restaurants.
Need assistance with your finances?
If you’re an expat who is concerned about dealing with the increased complexities of managing finances – whether that’s looking for investment opportunities, tax management or managing your day to day finances, we can help. Enter your details via the form and we will put you in touch with an independent adviser who will discuss your options with you in full.