08 Jan | Where do expats earn more?
Switzerland is the expats’ paradise, at least in terms of the wallet. According to the latest
edition of the report published by Hsbc, based on 27,500 people living in 159 countries, foreigners working in the country north of the Alps earn an average of 193 thousand dollars, 54% more than what they would earn at home.
Switzerland’s economic primacy, measured not only by personal finances but also by career opportunities and local economic conditions, is confirmed for the third year in a row. Nearly 8 out of 10 people interviewed said their income improved after moving to Switzerland. Norway and Germany were 2 nd and 3 rd respectively in the economic ranking (which does not only include salaries), followed by Singapore, which leaps into 1 st place in the general classification that includes other indices such as quality of life and services for the family.
Switzerland, however, loses some positions with regard to these last categories, slipping to the 11 th place, mainly due to its weak position in terms of ease of integration with the locals and social life.
Saudi Arabia’s bad track record is even more pronounced when it comes to anything not concerning the salary category. If, on the one hand, Riyad can boast a + 58% salary average compared to those of the expats’ countries of origin, on the other it slips to the 40 th place in the general ranking, just above China, due to the weakness of the economy and the profound cultural differences with the West.
Lastly, we highlight the sharp decline of the United Kingdom (from 22 nd to 35 th place in the general classification), penalized by the uncertain prospects of Brexit. The United States, which is now 27 th , has instead risen of three positions.
In general, expatriation is rewarding in terms of pay, with an average increase in income of
25 percent.