We are big fans of the “Lion” City State Singapore here at The Money Cloud. Ever since spending a fortnight there in the summer of 2017, we’ve been blogging about its history, business environment, culture, and smorgasbord of activities and entertainments the city teems with.
It’s also a haven for the world’s rich and wealthy; the “made-it” or “making-it” class who find Singapore’s always-on, hard working and uber-disciplined business culture very much to their tastes (as well as the super stylish malls, country clubs and man made Sentosa beach – the most Southerly tip of Asia). It is rumoured that roughly one in every three Singaporean citizens is a millionaire.
In all respects, Singapore is a state that punches above its weight, so perhaps it’s hardly surprising that The Lion State has retained its spot at the top of HSBC’s rankings, in the 2018 version of its 2018 Expat Explorer survey.
Reflecting the cosmopolitan nature of the survey, New Zealand places 2nd this year, and Germany third. Three contrasting countries, each with different strengths and weaknesses; it just goes to show that expats relocate for all kinds of reasons; work, family, romance, adventure, escape; and what suits one type of expat explorer may not suit another.
Canada and Bahrain take spots 4 and 5 on the list. Both are traditionally popular destinations for expats, and again for contrasting reasons. Bahrain ranked number 1 in Internations’ comprehensive analysis of all things expat related, thanks to its friendly environment, high quality infrastructure and job security, whilst Canada offers first-world living in beautiful surroundings, plus an eclectic culture and stable political environment.
Completing HSBC’s Top 10 are Australia, Sweden, Switzerland, Taiwan, and the United Arab Emirates.
Before we take a deep dive into selected countries next week, let’s examine what makes Singapore the outstanding expat destination in HSBC’s eyes.
The split of male to female amongst Singapore expats is 60/40, and the vast majority (56%) are aged between 36-54. On average, expats earn in the region of $221,500 SGD, which works out at approximately $160,000 USD – one of the healthiest wage packages on offer for expats anywhere in the world.
Although Singapore boasts outstanding cultural, social and family life, inevitably, when it comes to the reasons why expats make the move there, career progression comes first. Singapore rewards hard work and dedication and its entire culture is designed to give individuals the greatest chance of personal success.
Living and working in Singapore is in every sense a challenge, that expats must embrace. Finance, consulting, trade, and hi-tech are the dominant industries, but Singapore is also embracing start-up culture, and most notably fintech, with the Monetary Authority Singapore (MAS) having built bridges with countries and cities all over the world, from London, to Sydney, to the Caribbean.
This content is sourced and brought to you by The Money Cloud – comparing the best rates for sending money overseas offered by hand-picked, regulated brokers and money transfer agencies.