The HSBC Expat Explorer survey has been released, and the lion city of Singapore has taken out first prize for the top destination to live among expats. Norway has come in at second place, and New Zealand has ranked third overall coming in at first place for the best ‘experience’ destination. To put this in perspective, this year saw 27,000 expats across the globe in 159 different countries participate in the survey, so there is certainly a wide range of representation across the data.
As I’m sure will come as no surprise, Singapore has ranked high for safety, cleanliness in addition to its education system. Over 75% of those surveyed rated Singapore very highly for its clean and safe outdoor spaces, which compared to just 25% in many other developed global cities. Given the effort that Singapore puts into ensuring a clean and safe environment for its people, it’s no wonder that the survey continues to reveal such positive results for its pristine condition.
With regard to Singapore’s education system, over 26% of those expats living in the lion city praised the schools in Singapore, which compares to just 10% in other global cities rating the school system positively. While both childcare and schooling remains expensive in Singapore, the quality appears to make up for it. This is even despite 85% of those expat parents surveyed stating that childcare in Singapore is more expensive than in their home country.
There are many reasons that continue to take Australian expats abroad to other destinations, with Singapore being a popular choice for many. Coming in first place as the motivation for moving abroad was to seek a new challenge in their life, while improving their quality of life came in at a close second. Improving earnings and job prospects, interestingly came in at 3 and 4, while many may expect that they would be top motivations.
While Singapore has taken out first place for the top expat destination to live, it’s not even made an appearance in the top 5 destinations where expats are likely to have more disposable income. Qatar has taken out first place here, followed by South Korea, Saudi Arabia and Switzerland. This highlights quite clearly how important it is to create your own financial plan and Budget, and don’t simply take for granted that your time in Singapore will be a financial success.
Personally, it comes as no surprise that Singapore has taken out first place. With its great food, endless travel destinations, and business opportunities for all, this lion city certainly isn’t losing its appeal.
To your financial success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is a division of Global Financial Consultants in Singapore providing specialist advice to Australians living abroad.
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