Singapore was chosen because it provided the right balance of career opportunities and lifestyle as well as a stable economy, according to HSBC’s latest Expat Explorer.
Confidence in Singapore’s economy is the highest compared to all other countries the survey showed. More than seven in ten expats in Singapore (79 per cent) are confident about its economy compared to a global average of just 48 per cent.
Expats also also found Singapore is appealing to entrepreneurs seeking to start up a business abroad, the survey showed.
The HSBC Expat Explorer sought the views of 21,950 respondents from 39 countries asking respondents to rank countries based on career prospects, financial wellbeing, quality of life and ease of settling for partners and children.
Singapore is the top destination for expats based on its rankings amongst the three broad categories of economics, experience and family.
Matthew Colebrook, head of retail banking and wealth management, HSBC Singapore, said, “Singapore provides the perfect blend of career and lifestyle which makes it a preferred destination for expats, and this is clearly supported by the findings in the HSBC report.”
According to the Expat Explorer, more than half (59 per cent) of expats believe Singapore is a good place for career advancements and 53 per cent believe they are able to acquire new skills more so in Singapore than at home.
Singapore also offers a better quality of life overall than in their home country according to 67% of respondents and 65% acknowledge that their children’s health and wellbeing has improved since they have moved.
Expats surveyed acknowledge that Singapore offers better quality education for their children even though it is more expensive. Over four in five (85 per cent) say that education is more expensive but 66 per cent believe that the quality of education in Singapore is better than in their home country.
More than half of expats in Singapore say it is easy to set up finances (63 per cent) and healthcare (63 per cent). Three-quarters (75 per cent) say their social life is either just as active or more so than at home and 57 per cent also say they find it easy to adapt to the local culture and lifestyle.
According to the report, 87 per cent of expats living in Singapore say it is a good place to start a new business, which is much higher than the global average of 56 per cent. Singapore’s regulatory environment also allows entrepreneurs to start a small business in only a few days1.
Said Mr Colebrook: “Singapore has worked hard to position itself as attractive for business. It is pleasing to see that its economic and political stability and general pro-business approach is being recognised by entrepreneurs globally.”
The Straits Times