Research reveals expat life fast-tracks progress towards financial goals, and it is best lived in Singapore.

Singapore topped HSBC’s Expat Explorer country league table for the second time in a row, with 62 per cent of expats saying the city-state is a good place to progress their career.

The average annual income for expats in Singapore is $139,000, compared with $97,000 across the world, while nearly a quarter earn more than $200,000.

Singapore promises some of the world’s best financial rewards and career opportunities, as well as an excellent quality of life and a safe, family-friendly environment, according to the research, which is based on ratings of 45 host countries by 26,871 expats. Three quarters of expats say the quality of education in Singapore is better than at home, the highest proportion in the world and well above the global average of 43 per cent.

In general, expat life was found to reap greater benefits. Two in five expats said moving abroad had accelerated their progress towards saving for retirement or towards buying a property, compared to around one in five whose move abroad had slowed their progress towards these financial goals. Meanwhile, for 29 per cent, living abroad has helped them save towards their children’s education more quickly, compared to just 15 per cent who say it has slowed them down.

As for high net worth expats, who were found to be more likely to move abroad as part of their job, 58 per cent of those earning at least $200,000 revealed they earn more in their new country, with a significant 70 per cent agreeing they can save more than at home.

The highest earning expats live in Zurich, where 44 per cent earn more than $200,000 per year, compared with the global average of 11 per cent. Expats in Shanghai are also high-earners, with 30 per cent reporting a personal income of over $200,000. Indeed, 75 per cent of expats in Switzerland said their earning prospects are better in the country than at home – more than any other country.

New Zealand tops the expat experience league table with 73 per cent of expats in the country experiencing an improvement in their quality of life after moving there. A solid 83 per cent majority of expats there praise the country’s environment and nearly three quarters say they are integrating well with the local people and culture.

Sweden leads the way in terms of family life, with three quarters of expat parents in Sweden rating their children’s quality of life as better than back home. Nearly half say the quality of education in Sweden is better and 72 per cent say it is less expensive. In addition, 75 per cent believe the quality of childcare available in Sweden is better than at home. 

“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,” said Dean Blackburn, said head of HSBC Expat.