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HSBC Bank InternationalThe Expat Explorer Survey 2010
Report one: Expat Economics
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The Expat Explorer SurveyCommissioned by HSBC Bank International, Expat Explorer is the worlds largest
global survey of expats. Now in its third year, the survey continues to deliver insight
into expat life around the globe. Participation rates for the survey have continued to
increase year-on-year and in 2010 the survey has more respondents than ever, with
what its like to raise children abroad. The survey continues to explore how expat life
differs from country to country, continent to continent.
2010 even bigger than 2009:
Expat Economicsand focuses on how the economic situat ion differs for expats from country to
country. The report draws upon research which represents the views of expats
surveyed in over 100 countries. Detailed country rankings are published for all
countries where more than 30 expats c ompleted the survey. In total, there
are 25 countries featured in our rankings in this years survey.
The report looks at expat earnings levels, spending/saving/investing patterns and the
economic situation around the world. A league table ranking the countries in termsof key economic elements, income, disposable income and luxuries shows how
different countries compare to one another.
e Over 1,000 more expats sharing their experiences in this years survey
e Expats from a total of 39 industries/professions
e The addition of new countries in the Expat Explorer league tables,
including Bermuda and the Philippines
PAGE 2 I EXPAT EXPLORER SURVEY 2010
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PAGE 5 I EXPAT EXPLORER SURVEY 2010
Expat ndingsWealth gap between the East and Mainland Europe continues to widen
In the 2009 Expat Economics report it was clear that wealth was moving East,
with centres located throughout the Middle East a nd Asia home to a larger
percentage of high net-worth expat individuals. In 2010, the Middle East, Singapore
and Russia dominate the top quart ile of the Wealth Hotspot leader board, while
expats in mainland Europe and South Africa are acc umulating the least amount
Expats in Russia remain the wealthiest in the world, with 36% of expats in Russia
earning over $250,000. This number has actually increased over the past year 30%
of expats based in the country earned over $250,000 in 2009. Both Singapore (32%)
and Bermuda (27%) also have a much higher proportion of expats with an annual
Hotspot league table. Almost two-thirds (62%) of expats living in Spain earn below
$60,000, as do almost half of the expats living in France (47%), the Netherlands
(47%) and Germany (45%). This is much higher than the global average of
world. In fact, the only other country to join mainland Europe in the bottom quartile
was South Africa, where around one-third (36%) of expats earn less than $60,000.
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PAGE 6 I EXPAT EXPLORER SURVEY 2010
Level 1 countries
Level 2 countries
Level 3 countries
Level 4 countries
Countries notin economic
league table
WEALTH HOTSPOT SCORE
The world map above has been colour coded on the basis of Wealth Hotspot score of the countries in the economic league
table. Wealth Hotspot score is a combined metric of two elements, Income and Disposable income, and as such it intends
to provide a combined measure of earning power and cost of living of expats surveyed by country of residence. A higher
Wealth Hotspot score for a country would suggest that expats here are accumulating more wealth.
The Expat Wealth Hotspot score
Expat ndings
(continued)
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PAGE 7 I EXPAT EXPLORER SURVEY 2010
Expat ndings
(continued)
BRIC Countries appear to be emerging expat hotspots
BRIC (Brazil*, Russia, India and China) countries fared well economically over the
past year and, as a result, have emerged as promising expat hotspots. Scores for
expats in these countries were higher than average when looking at a number of
economic factors including earnings, career development, improved economic
outlook and the ability to save.
While close to two-thirds (63%) of all expats surveyed said they are earning more
in their host country than in their country of origin, expats based in BRIC countries
scored much higher (Brazil, 69%; Russia, 82%; India, 70% and China, 75%). In
addition, with the exception of Brazil which fell slightly under the overall average,
expats in BRIC countries were also more likely to see increased career opportunities
within their host country (64% overall compared with; Russia, 82%; India and
China, 70%).
Although all BRIC based expats had a much sunnier economic outlook than the
world average, expats in Brazil were most positive, with over two-thirds (69%)
believing the economic situation had improved over the past year compared to a
22% worldwide average.
Expats also agreed that their disposable income levels were much higher sincerelocating to a BRIC country, which has enabled them to both save and invest more.
Overall Sample(100+countries)
61%
Brazil
66%
Russia
76%
India
66%
China
71%
38% 41% 39%44%
I am saving more I am investing more
A look at saving and investing habits
* Brazil sample size is 29 and therefore did not make it in to the overall league table.
Earning more
63%69%
82%70%
More career opportunities
64% 62%
82%70% 70%
Overall Sample (100+countries) Brazil Russia India China
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Expat ndings
(continued)
PAGE 8 I EXPAT EXPLORER SURVEY 2010
While career prospects and higher salaries lure expats to establishedcentres in the East, retirees head to Europe and Thailand
Those expats moving to the Wealth Hotspots are, not surprisingly, highly likely to
particularly well compared to countries in the Eurozone, it is not a surprise that a
greater number of expats will have sought out these safer hotspots to progress their
careers and be rewarded with higher salaries.
followed by Saudi Arabia (35%) and Singapore (29%). Similarly, when questioned
about their motivation to move, expats in Saudi Arabia, Qatar and Russia decided to do
so predominantly for career and money prospects (85%, 83% and 76% respectively).
In stark contrast, the majority of those moving to mainland Europe are retirees
and 21% respectively). Thailand also ranks highly for those who choose to move
abroad to retire (21%). These countries, although not scoring well on the Wealth
Hotspot league table, ranked higher when it came to lifestyle; Thailand, France and
Spain topped Expat Explorers 2009 quality of life poll (coming 3rd, 7th and 9th
respectively) and explain the countries retirement draw.
Career/moneyprospects
Broaden my lifeexperience
Tired of the situationin my country of origin
My current employersent me here
To be with mypartner/spouse
To retire abroad
To take care of familyin the host country
Other/Not stated
24%
18%
17%
2%
3%
2%
Country of residence% Mentioning career/money prospects as
the key reason for becoming an expat
Saudi Arabia 85%
TOP 5
Qatar 83%
Russia Federation 76%
Philippines 74%
United Arab Emirates 73%
Netherlands 42%
BOTTOM 5
Australia 42%
South Africa 40%
France 26%
Spain 18%
The role of career/money in becoming an expat
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Expat ndings (continued)
PAGE 9 I EXPAT EXPLORER SURVEY 2010
Expat Finances remain strong
Finances amongst expats remain extremely positive, with the majority of those
surveyed saving more since moving abroad and very few accumulating more debt.
Two-thirds (66%) of expats have more disposable income in their new country and
income than they did previously, with the numbers a lso extremely high in Bermuda
(96%), Qatar (92%) and Saudi Arabia (92%).
Although saving levels amongst expats as a whole have dropped since 2009, 61% of
pay off more debt than when they lived in their country of origin. Only 5% of expats
surveyed overall are now accumulating more debt.
Qatar boasts the highest number of expats being able to save more than in their
country of origin (92%) followed by Saudi Arabia (89%), Bahrain (88%) and Russia
(76%). However, higher salaries have resulted in these countries having to spend
more too. Expats in Bermuda (83%), Qatar (63%) and Russia (55%) are all spending
more in their host country compared to their country of origin.
Expats in the UK are the most likely to be accumulating more debt (11%), followedby Australia (9%), despite the fact that many expats in these countries are also
able to save more than in their country of origin (53% and 51% respectively). Spain
(29%) and France (36%) have a much smaller percentage of expats saving more
than in their country of origin, but again this is likely to be due to the larger number
of retirees amongst this population.
Saving more
61%
Spending more
43%
Investing more
38%
Paying offmore debt
20%
Accumulatingmore debt
None of these
13%
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Expat ndings (continued)
PAGE 10 I EXPAT EXPLORER SURVEY 2010
Expats repatriate a considerable proportion of wealth
Although expats tend to use a large variety of vehicles to save and invest, a large
proportion of wealth in longer term investments is repatriated, the most common
being property (30%), equity (22%) and bonds (11%), whilst general savings, banks/
building society savings and investment into company shares are predominantly
carried out within their host country. The use of offshore centres for saving and
investing appears to be under-utilised, with the most popular investment vehicles
for expats being managed funds (16%) and foreign exchange (12%).
Expats in the Middle East are the most likely to repatriate their property wealth, with
very few investing in property in their host country (49% of expats in Qatar invest in their
country of origin compared to 0% investing in their host country and in Saudi Arabia
60% invest in their country of origin whilst 0% invest in their host country).
Other country Offshore centre Host country Country of origin
Savings
46%
27%
36%
8%
Bank/buildingsocietysavingsaccount
33%
17%
26%
7%
Property
30%
11%
Equity
13%
13%
22%
9%
Managedfunds
13%
16%
19%
6%
Bank/buildingsociety
investment
12%10%
12%12%
3%
Foreignexchange
10%
12%
8%8%
4%
Shares incompany
13%3%
10%10%
6%
Bonds
6%7%
11%11%
3%
26%
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PAGE 11 I EXPAT EXPLORER SURVEY 2010
Expats and the credit crunch
Almost half (47%) of the expats surveyed believed that the economy in their current
in the Eurozone, a larger number of expats based in Spain (93%), Belgium (60%),
France (60%) and the United Kingdom (67%) also agreed with this statement. This was
in contrast to the economies that have escaped the worst of the economic downturn,
where a smaller number of expats living in the emerging nations of Russia (45%), India
(16%) and China (9%) were feeling less negative about their respective host economies.
Expats in these regions were also much more likely to view the economy as
having improved over the last 12 months (Russia, 27%; India, 50%; China, 61%) in
comparison to the overall survey average of around one quarter (22%). Just under
one-third of expats (31%) surveyed said that their economy had remained the same.
Of those expats who revealed that the economic situat ion in their country had
either deteriorated or remained the same, the vast majority (87%) did not believe
that they would be re-locating. This trend was generally higher in Middle East and
Asian countries such as Qatar (94%), Bahrain (97%) and China (92%) than European
countries such as Germany (84%), United Kingdom (78%) and Spain (83%).
This divide suggests that expats in the Middle East and Asia are more likely toremain in their country of residence despite the fact their economic situation has
deteriorated. One explanation for this could be that countries such as Qatar, Bahrain
and the UAE tend to be Wealth Hotspots for expats and are in the top quartile when
it comes to income and disposable income. European countries such as Germany,
Spain, France and the Netherlands are in the bot tom quartile which suggests
residence, despite the economic situation having worsened.
6%
7%
87%
it hasimproved
22%
YES
it has becomeworse 47%
YES
No, it hasremained the
same 31%
NO
I am actively looking tomove home due to uncertaineconomic conditions
I still believe the economy istoo fragile for me to stay so Iam considering a move home
There has been no impacton my situation and I willbe staying
Expat ndings (continued)
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PAGE 12 I EXPAT EXPLORER SURVEY 2010
Regional League TablesOverall Wealth Hotspot Income Disposable income Luxuries
Country SCORE RANK SCORE RANK SCORE RANK SCORE RANK SCORE RANK
THE
AMERICAS Bermuda 0.48 1 (4) 0.50 (2) 0.40 (3) 0.60 (5) 0.43 (16)
United States 0.35 2 (12) 0.30 (12) 0.31 (8) 0.28 (14) 0.46 (10)
Mexico 0.32 3 (15) 0.25 (14) 0.24 (14) 0.26 (16) 0.47 (9)
Canada 0.30 4 (18) 0.22 (19) 0.19 (18) 0.24 (18) 0.46 (10)
ASIA PACIFIC
Russia Federation 0.53 1 (1) 0.58 (1) 0.43 (2) 0.72 (1) 0.44 (15)
Singapore 0.48 2 (4) 0.49 (3) 0.49 (1) 0.49 (7) 0.45 (13)
Philippines 0.39 3 (8) 0.33 (10) 0.33 (6) 0.32 (12) 0.51 (5)Hong Kong 0.38 4 (9) 0.39 (8) 0.36 (4) 0.41 (9) 0.38 (20)
China 0.36 5 (10) 0.35 (9) 0.27 (12) 0.42 (8) 0.38 (20)
Malaysia 0.36 5 (10) 0.29 (13) 0.24 (14) 0.34 (11) 0.51 (5)
Thailand 0.35 7 (12) 0.25 (14) 0.15 (19) 0.35 (10) 0.55 (3)
Australia 0.31 8 (16) 0.24 (16) 0.24 (14) 0.23 (19) 0.46 (10)
India 0.28 9 (19) 0.23 (17) 0.20 (17) 0.26 (16) 0.39 (19)
EUROPE
Switzerland 0.34 1 (14) 0.32 (11) 0.32 (7) 0.32 (12) 0.37 (22)
United Kingdom 0.25 2 (20) 0.23 (17) 0.29 (11) 0.16 (21) 0.30 (25)
Belgium 0.23 3 (21) 0.15 (21) 0.09 (20) 0.21 (20) 0.40 (18)
Spain 0.20 4 (22) 0.08 (23) 0.06 (24) 0.09 (23) 0.45 (13)
France 0.19 5 (23) 0.07 (24) 0.07 (22) 0.07 (24) 0.43 (16))Germany 0.18 6 (24) 0.11 (22) 0.08 (21) 0.13 (22) 0.32 (24)
Netherlands 0.15 7 (25) 0.04 (25) 0.04 (25) 0.04 (25) 0.36 (23)
MIDDLE EAST
AND AFRICA
Saudi Arabia 0.50 1 (2) 0.49 (3) 0.36 (4) 0.62 (2) 0.51 (5)
Bahrain 0.49 2 (3) 0.44 (7) 0.26 (13) 0.62 (2) 0.59 (1)
United Arab Emirates 0.48 3 (4) 0.45 (6) 0.31 (8) 0.59 (6) 0.53 (4)
Qatar 0.47 4 (7) 0.46 (5) 0.30 (10) 0.62 (2) 0.50 (8)
South Africa 0.31 5 (16) 0.18 (20) 0.07 (22) 0.28 (14) 0.58 (2)
Refer to methodology on page 13 for more details.
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PAGE 13 I EXPAT EXPLORER SURVEY 2010
MethodologyAbout Expat Explorer
The Expat Explorer survey, now in its third year, is the largest global survey of
expats. Commissioned by HSBC Bank International and conducted by third party
research company GfK, 4,127 expats were questioned through an online survey from
26th April 2010 to the 7th June 2010, with expats from over 100 countries worldwide
taking part making this unique survey the largest of its kind. I ndividuals from four
continents described the opportunities and challenges they experience living away
from home. The survey provides an insight into how expat life differs from country to
country, continent to continent and from an expats country of origin.
Please note the sampling technique used for the 2010 survey does not claim to give
a fully representative sample of expatriates. In addition, it differs substantially from
the sampling technique used in 2009. Therefore, comparisons of results year on year
are not statist ically valid and have been made for illustrative purposes only.
A sample size of 30 or more respondents from each country was required for
inclusion in the league tables, in order to be considered robust and indicat ive of
series of interrelated factors (rather than a single factor or question) to ensure a fair
assessment of how individual countries rate across the full criteria. The responses of
those who responded not applicable or refuse to say have been excluded. Each
criterion is equally weighted to arrive at a score. The overall ranking is based on the
average score for a country across the criteria.
About Expat Economics
The Expat Economics league table ranks countries in terms of three main economic
factors: Income, Disposable Income and a measure of Luxury. All countries with a
sample size of 30 and above are included in the economic league table. Scores from
each factor are equally weighted to arrive at an Overall Expat Economic Score and
Overall Rank.
Individual country rankings for the constituent elements (Income/Disposable Income/
Luxuries) are also available. Scores for Income and Disposable Income are averaged to
produce a Wealth Accumulation Hotspot Score and Rank for each country.
Income Score is derived from proportion of expats surveyed in each country
who earn at least $200k per annum. Disposable Income Score is derived from
proportion of expats surveyed in each country who have a disposable income of
$3000k+ per month compared to their country of origin. Luxury score is derived
from ascertaining the proportion of respondents who have agreed with a number
of following statements:
e Live in a nicer / bigger property
e Have domestic helper / staff (e.g. cleaner/nanny)
e Own more than one property
e Own nicer and more cars
e Own a boat / yacht
e Go on more luxurious holidays
e Better healthcare
e Own a swimming pool
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PAGE 14 I EXPAT EXPLORER SURVEY 2010
2009 to ensure it is even more robust. The Luxury score is a response level score
meaning that the more items expats from a certain country tick, the bigger their
Luxury score as opposed to just being based on proportions of respondents who
have at least ticked one item.
Respondents answered income-related questions in one of ten currencies that they
use most often, however for ease of analysis and comparison, all foreign currencies
were converted into US dollars. As per the following table, currency conversions
were calculated based on conversion rates available as of 21st April 2010.
Currency
USD 1 USD
SGD 0.14 USD
JPY 93.25 USD
HKD 7.76 USD
GBP 0.65 USD
CNY 6.83 USD
CAD 0.99 USD
AUD 1.08 USD
AED 3.67 USD
Methodology (continued)
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PAGE 15 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 20th out of 25
eIncome: 11th out of 25
e Disposable income: 21st out of 25
e Luxuries: 25th out of 25
e Wealth Hotspot: 17th out of 25
UNITED KINGDOM
[Life here is]
Very good. Excellentfor rst few years; now
getting tricky with globaleconomic crisis.
- Expat in the UK
Country reports
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The economic climate over the past year has had a higher than average effect
on UK based expats, with two-thirds (67%) believing that the situation in the UK
deteriorated over the past year, compared to an overall survey average of 47%. As
a result, just over one in ten (11%) of those who said the economy hadnt improved
are actively looking to move home due to the current economic climate.
instability has had a visible effect on their career prospects. Nearly one-third (29%)
of UK based expats said there have been reduced career opportunities and 31%
say they are having to monitor their expenditure more closely something that has
become increasingly important due to the increased c ost of living that UK based
expats are faced with. Over half of UK based expats agreed that the cost of living
was considerably higher than in their country of origin, spending more on most
items except healthcare.
The United Kingdom (UK) also scores lowest of all countries on the luxury scale.
Expats based in the UK scored lower than average on all luxury factors except
holidays, where half (51%) said they were able to go on more luxurious holidays
than in their country of origin, compared to an overall average of 46%.
PAGE 16 I EXPAT EXPLORER SURVEY 2010
United Kingdom (continued)
RANK: 11th
DISP. INCOMESCORE
RANK: 21st RANK: 25th RANK: 17th
Sample size 420
Country of origin USA (22%); Australia (14%);Canada (10%); France (10%);India (6%); Other (38%)
Occupation Finance (46%); IT (8%);Marketing (8%), Other (38%)
Age 18-34 (50%); 35-54 (45%);55+ (6%)
Gender Male (57%); Female (43%)RANK: 20th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
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Country reports (continued)
PAGE 17 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 12th out of 25
eIncome: 8th out of 25
e Disposable income: 14th out of 25
e Luxuries: 10th out of 25
e Wealth Hotspot: 12th out of 25
UNITED STATES OF AMERICA
Career enhancingmove; complexadministration;
complex nances.
- Expat in the USA
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thinking there had been an increase in the price of everyday items. However,
healthcare is one area that USA-based expats feel the pinch more so than any other
country over two-thirds (68%) think they spend more on healthcare in the USA
than they did in their country of origin.
Over half (55%) of USA based expats think the economic situation has become
worse since last year, which although higher than average (47%), is not a huge
cause for concern amongst the expat community. Only 4% of expats based in the
USA are actively looking to leave and 90% think that their actual circumstances have
not been impacted.
Expats in the USA scored highly for earnings, with 29% earning over $200,000 and
two-thirds (64%) revealing that they now have more disposable income than in their
country of origin, yet only 55% save or invest more than they did before relocating,
keen investors with nearly 83% having at least one savings account as well as 42%
holding shares in their company (42%).
PAGE 18 I EXPAT EXPLORER SURVEY 2010
United States of America (continued)
RANK: 8th
DISP. INCOMESCORE
RANK: 14th RANK: 10th RANK: 12th
Sample size 231
Country of origin UK (53%); Australia (6%);Canada (5%); France (5%);Other (31%)
Occupation Finance (27%); IT (10%);Marketing (6%), Science/ Research (6%); Retired (6%),Not stated (9%), Other (36%)
Age 18-34 (27%); 35-54 (50%);55+ (23%)
Gender Male (71%); Female (29%)
RANK: 12th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
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PAGE 19 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 9th out of 25
e Income: 4th out of 25
e Disposable income: 9th out of 25
e Luxuries: 20th out of 25
e Wealth Hotspot: 8th out of 25
HONG KONG
Expat life is great,especially from a
nancial point of view.Also [the] opportunityto see different cultures
and lifestyles.
- Expat in Hong Kong
Country reports (continued)
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favourable tax jurisdiction
Hong Kong based expats have remained relatively positive about their economic
situation with more than half of the respondents (53%) agreeing that it has actually
improved since last year, compared to a worldwide average of 22%. Expats in Hong
Kong are relatively high earners (35% earning over $200,000) and 75% agree that they
earn more since relocating. However, expats score relatively low in terms of luxuries,
featuring only 20th out of 25 for the league table, the lowest of all Asian countries.
Although expats in Hong Kong are spending considerably more than average on
items such as accommodation (60%) and food and drink (66%), only 7% of expats
based in Hong Kong believe they pay higher tax in their country of residence than in
their country of origin (28% on average).
Hong Kong based expats were the most likely to invest in their own companys
shares compared to other nations (51%) as well as investing highly in equity (58%)
and foreign exchange (41%).
*Please note that although Hong Kong is referred to here as a country for the sake
of this report, Hong Kong is a territory of China.
PAGE 20 I EXPAT EXPLORER SURVEY 2010
Hong Kong (continued)
RANK: 4th
DISP. INCOMESCORE
RANK: 9th RANK: 20th RANK: 8th
Sample size 247
Country of origin UK (49%); Australia (13%); USA(11%); India (5%); Other (22%)
Occupation Finance (61%); Marketing (7%);Other (32%)
Age 18-34 (30%); 35-54 (61%);55+ (9%)
Gender Male (70%); Female (30%)
in 2010:
RANK: 9th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
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PAGE 21 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 4th out of 25
e Income: 1st out of 25
e Disposable income: 7th out of 25
e Luxuries: 13th out of 25
e Wealth Hotspot: 3rd out of 25
SINGAPORE
OK for [the] shortterm 24 months to
accumulate wealth.
- Expat in Singapore
Country reports (continued)
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Home to the largest proportion of high earners
Singapore acts as an attractive location for high earners, which is unsurprising as it
tops the economic league table on income score with nearly half (45%) of expats
earning over $200,000 per annum compared to the worldwide average of just 21%.
only 8% believe they spend more on tax than they did at home. Of those surveyed,
61% also think that they have more disposable income than when living in their
country of origin compared to an overall average of 42%.
However, with higher salaries and higher disposable incomes come higher costs; manythink they spend considerably more than in their country of origin on accommodation
(72% in Singapore vs. 46% overall) and food and drink (60% vs. 47%).
Expats in Singapore also believe they are already seeing signs of an improved
economy, with over half (51%) agreeing that t he economic situation in Singapore
has improved since last year (compared to 22% overall). They are also much less
worried about having to monitor spending (8% in Singapore compared to an overall
average of 23%) or reduced career opportunities (15% vs. 20%).
PAGE 22 I EXPAT EXPLORER SURVEY 2010
Singapore (continued)
RANK: 1st
DISP. INCOMESCORE
RANK: 7th RANK: 13th RANK: 3rd
Sample size 109
Country of origin UK (54%); Australia (11%); USA(7%); India (6%); Other (22%)
Occupation Finance (29%); Construction/ Manufacturing/Utilities(12%); Marketing (8%), Notstated (7%), Transport (6%);Unemployed (6%); Other (32%)
Age 18-34 (14%); 35-54 (73%);55+ (14%)
Gender Male (78%); Female (22%)
in 2010:
RANK: 4th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
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Country reports (continued)
PAGE 23 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 4th out of 25
e Income: 8th out of 25
e Disposable income: 6th out of 25
e Luxuries: 4th out of 25
e Wealth Hotspot: 6th out of 25
UNITED ARAB EMIRATES
Lots of money, luxuryand better standard of living with more savings
and investments.
- Expat in the UAE
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Expats in Australia are seeing an improvement in the economic situation but are
also showing concerns on the rising costs of living
Although 41% of expats in Australia are seeing an improvement in the economic
situation (compared to 22% overall), one quarter (25%) think there has been an
forefront of expats minds.
Although the majority agree that the price of everyday items is still largely in line with what
they would cost in their country of origin, healthcare (50% Australia vs. 40% overall) and
tax (40% vs. 28%) are two areas that are more expensive in Australia than in their countryof origin. Even with these increased costs, almost two-thirds (63%) of Australians still
agree that they have more disposable income than they did before moving.
While Australia ranks in 16th place on the economics league table, it scores highly
in other aspects, such as quality of life (Australia ranked 2nd in Expat Explorers
2009 quality of life survey) and luxuries. 63% of Australia-based expats are able to
live in a nicer or bigger property since relocating, nearly a quarter have a swimming
pool (24%) and nearly half (49%) own their own property. Those moving to Australia
are predominantly from the UK (70%) and the country makes a popular retirement
destination, with retirees accounting for one in ten expats.
PAGE 26 I EXPAT EXPLORER SURVEY 2010
Australia (continued)
RANK: 14th
DISP. INCOMESCORE
RANK: 19th RANK: 10th RANK: 16th
Sample size 115
Country of origin UK (70%); South Africa (5%);Other (25%)
Occupation Finance (17%); IT (10%);Retired (10%); Management(8%); Education (6%); Notstated (8%), Other (41%)
Age 18-34 (24%); 35-54 (47%);55+ (29%)
Gender Male (66%); Female (34%)
in 2010:
RANK: 16th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
8/7/2019 HSBC Expat Survey 2010
27/37
PAGE 27 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 23rd out of 25
e Income: 22nd out of 25
e Disposable income: 24th out of 25
e Luxuries: 16th out of 25
e Wealth Hotspot: 24th out of 25
FRANCEI have a better quality
of life but, due tothe present rate of
exchange regarding theeuro and the pound, it
has caused hassle [with]regards [to] nance
which I didnthave before.
- Expat in France
Country reports (continued)
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France is a popular destination among expat retirees
Although France appears in the bottom quart ile on the Wealth Hotspot league table
(24th) and earnings fall well below average (47% of expats earn below $60,000
compared to an overall average of 26%), one-third ( 33%) of expats in France are
retired and nearly half (48%) are over 55 years old, which accounts for its low
scoring within the Expat Economics report.
The economic situation in France has been seen as relatively unstable by the
the economic situation has deteriorated since last year and with associated currency
have seen an increase in the price of everyday items. Expats based in France also
believe tax costs are considerably higher than in their home nation (36% vs 28%
overall). Due to the high number of ret irees, 90% of French expats remain relatively
unscathed by this economic uncertainty and are not looking to move home. They
are also less likely than those in other countries to have to monitor their expenditure
(21% in France vs. 23% overall) or have to worry a bout reduced career opportunities
(9% in France vs. 20% overall).
PAGE 28 I EXPAT EXPLORER SURVEY 2010
France (continued)
RANK: 22nd
DISP. INCOMESCORE
RANK: 24th RANK: 16th RANK: 16th
Sample size 222
Country of origin UK (53%); USA (25%);Other (22%)
Occupation Retired (33%); Finance (9%);Education (7%); Travel (6%);IT (6%); Unemployed (6%);Other (33%)
Age 18-34 (15%); 35-54 (38%);55+ (48%)
Gender Male (47%); Female (53%)
in 2010:
RANK: 23rd
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
8/7/2019 HSBC Expat Survey 2010
29/37
PAGE 29 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 22nd out of 25
e Income: 24th out of 25
e Disposable income: 23rd out of 25
e Luxuries: 13th out of 25
e Wealth Hotspot: 23rd out of 25
SPAIN
Since the crisis started in the UK and Spain, lifehas become very difcult
so will return to UK inSeptember until we can
afford to return to Spain.
- Expat in Spain
Country reports (continued)
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30/37
8/7/2019 HSBC Expat Survey 2010
31/37
PAGE 31 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 24th out of 25
e Income: 21st out of 25
e Disposable income: 22nd out of 25
e Luxuries: 24th out of 25
e Wealth Hotspot: 22nd out of 25
GERMANY
Sacrices have beenmade (particularly
nancially) but I loveliving in another culture
and learning about another part of the world rather
than just being a tourist.
Country reports (continued)
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An unattractive location for t hose looking for career progression
Scoring 24th out of the 25 countries analysed in the Expat Economic league
table and 22nd in the Wealth Hotspot league table, Germany is perhaps not an
expat location for those seeking career prospects and monetary gain. The highest
proportions of expats are either in education (15%), or a homemaker (12%).
Just over half (53%) of expats based in Germany believe that the economic situation
in the country has become worse since 2009 and although 50% of expats moved
to the country for increased career prospects, over one-quarter (26%) have seen
reduced career opportunities over the past year. As a result, 8% of expats inGermany who thought the economy hadnt improved are actively looking to return to
their country of origin, whilst a further 8% of that group say that with the economy
being so fragile they are also considering a move home.
More positively, even though many expats based in Germany have lower levels
of disposable income than they did in their country of origin (only 23% of expats
in Germany agree to having more or much more disposable income since moving
against an overall average of 42%), only 18% are having to monitor their everyday
spending and only 11% claim to have seen a rise in the price of everyday items. Tax
and public transport are two areas where expats in Germany feel the pinch more
than in their home countries (public transport 42% in Germany vs. 27% overall andtax 52% vs. 28%).
PAGE 32 I EXPAT EXPLORER SURVEY 2010
Germany (continued)
RANK: 21st
DISP. INCOMESCORE
RANK: 22nd RANK: 24th RANK: 22nd
Sample size 110
Country of origin USA (34%); UK (29%);Australia (6%); Other (31%)
Occupation Education (15%); Unemployed(12%); Not stated (9%); IT(8%); Retired (8%); Science/ Research (6%); Other (42%)
Age 18-34 (28%); 35-54 (50%);55+ (22%)
Gender Male (45%); Female (55%)
in 2010:
RANK: 24th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
8/7/2019 HSBC Expat Survey 2010
33/37
8/7/2019 HSBC Expat Survey 2010
34/37
agree that they have seen an improvement in the economic situat ion since last year.
Although in the second quartile on the Wealth Hotspot league table, China still has
a relatively wealthy expat base, with one quarter (26%) earning over $200,000. The
gain and over two-thirds (68%) of expats c ited this as their main reason for moving
to China. Indeed, the country has proven to be an expat hotspot for those looking
for higher income and career prospects; three-quarters (75%) of those who move
to China have seen an increase in their income levels and 70% agree there are
increased career opportunities in their new host country. Overall, the country is very
one-third of the expat community (36%).
Although one-third of China-based expats have seen an increase in the cost of
everyday items, the actual cost of living is very low compared to other expat
countries; over two-thirds of expats agreed that most everyday items in China were
cheaper than in their country of origin. However, luxuries did not score very highly for
expats based there; property ownership and owning nicer or more cars than in their
home nation scored particularly low with only 5% owning a nicer car or more cars
and 16% owning their own property.
Expats within China are also able to save more since relocating. 71% save more
and 44% invest more than they did when living in their country of origin. Savings
accounts are the most popular investment vehicle amongst China based expats
(86% have at least one) alongside equit ies (55%) and foreign exchange (38%).
PAGE 34 I EXPAT EXPLORER SURVEY 2010
China (continued)
RANK: 12th
DISP. INCOMESCORE
RANK: 8th RANK: 20th RANK: 9th
Sample size 101
Country of origin UK (30%); Hong Kong (29%);USA (11%); Canada (7%);Australia (6%); Other (17%)
Occupation Finance (36%); Education(10%); Management (9%);Construction/Manufacturing/ Utilities (9%); Other (36%)
Age 18-34 (15%); 35-54 (74%);55+ (12%)
Gender Male (73%); Female (27%)
in 2010:
RANK: 10th
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
8/7/2019 HSBC Expat Survey 2010
35/37
PAGE 35 I EXPAT EXPLORER SURVEY 2010
e Overall ranking: 1st out of 25
e Income: 2nd out of 25
e Disposable income: 1st out of 25
e Luxuries: 15th out of 25
e Wealth Hotspot: 1st out of 25
RUSSIA
Fantastic broadeningexperience with
huge potentialnancial benets.
Country reports (continued)
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Russia retains grip on Wealth Hotspot
Russia, for the second year in a row, remains at the top of the Wealth Hotspot
league table. Over one-third (36%) of expats in Russia earn over $250,000 per
annum, over three-quarters (85%) say they have more disposable income since
moving and over three-quarters (76%) are able to save more since relocating. The
their career, with 76% of expats moving there for this reason and just under a
Increased costs mean that those based in Russia are likely to face higher prices foreveryday items than in their home nation. 76% claim that food and drink is more
expensive in Russia when compared to their home nat ion and over half (55%) agree
that housing is also more expensive. However, public transport is one area where
expats make a saving when compared to t heir home nation; only 18% see spending
on public transport as more expensive, compared to an overall average of 27%.
Although Russia only scores 15th on the luxury scale, expats based there are st ill
more likely to have domestic help (48% vs. 37%), own more than one property
(27% vs. 18%) take more exotic holidays (67% vs. 46%) and own their own
business (21% vs. 14%) than in their country of origin.
However, the economic situation in Russia does prove to be a worry for some
expats. 45% of expats based in Russia agree that the economic situation within
the country has become worse over the past year, even though only 4% of those
who thought the economy hadnt improved are actively looking to move home. In
addition, although all expats in all BRIC countries agreed that the economic situation
within their country had improved over the past year, those in Russia were least
likely to agree with this statement (27%).
PAGE 36 I EXPAT EXPLORER SURVEY 2010
Russia (continued)
RANK: 2nd
DISP. INCOMESCORE
RANK: 1st RANK: 15th RANK: 1st
Sample size 33
Country of origin UK (42%); Netherlands (12%);USA (6%); Canada (6%);France (6%); Other (%)
Occupation Finance (24%); Construction/ Manufacturing/Utilities(15%); Not stated (12%);Marketing (9%); IT (6%);Architecture/ Engineering (6%);Telecommunications (6%);Other (22%)
Age 18-34 (21%); 35-54 (57%);55+ (21%)
Gender Male (82%); Female (18%)
in 2010:
RANK: 1st
INCOME SCORE WEALTH HOTSPOTSCORE
LUXURY SCORE
OVERALL SCORE
8/7/2019 HSBC Expat Survey 2010
37/37
Further informationContact:
Karen Butcher
Account Manager
Hill & Knowlton
Phone: +44 (0) 207 413 3181
Email: [email protected]
Nick WoodsSenior Account Executive
Hill & Knowlton
Phone: +44 (0) 207 413 3515
Email: [email protected]
Web: www.offshore.hsbc.com/expatexplorer
Blog: www.expatexplorer.blogspot.com
Twitter: www.twitter.com/expatexplorer
PAGE 37 I EXPAT EXPLORER SURVEY 2010
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