Expats head abroad in search of fortune
Global survey reveals that Brits abroad not only feel wealthier, but healthier as well.The NatWest International Personal Banking (NatWest IPB) Expat Wealth Ranking Survey undertaken with think tank, Centre of Future Studies, surveyed British expatriate professionals in a number of countries across the world. The report found that professionals looking to move to sunnier pastures may expect to be financially better off.
Of those surveyed, British Expats could see a 43 per cent increase on their current salary if they relocated abroad. The average wage for expats working abroad is currently £67,000 compared to the UK average of £47,000, according to the expat wealth ranking.
Of the countries surveyed the United Arab Emirates tops the expat wealth ranking with professionals earning a whopping average of £79,000 a year. Even Portugal, at the lower end comes in with a respectable average wage of £58,000.
However, whilst making the most money, the expats surveyed in the UAE do not view the cost of living to be any different to the UK. Taking into account the perceived cost of living, those in the UAE are in fact, the least financially better off of all the countries surveyed. The survey found that expats living in Spain and Italy fare the best as they not only earn a good wage but experience a lower cost of living, meaning their money works hardest for them.
David Isley, Head of NatWest International Personal Banking comments: “The wage packets of expats are very encouraging for people who are looking to move abroad. The expat wealth rankings shows that people who are willing to move abroad not only benefit from bigger earnings in countries such as Spain and Italy, but also have the advantage of a lower cost of living. This means that people living in places like Spain and Italy are financially better off overall.”
Overall, 68% of those surveyed found that the cost of living abroad is lower than in the UK, which leads to nine in ten (90%) considering themselves to be financially better off.
“I specialise in IT which country should I move to?”
The global study also reveals the countries with the highest proportion of people working in certain occupations. So, for example if you are an IT professional, you may have more opportunities in Sweden if you want to move abroad:
Canada – Engineers, Medical/Allied Professionals, Academics and Teachers
Sweden – Technologists, IT Professionals
Singapore – Economists, Accountants,
New Zealand – Scientists
UAE - Financial Services
Portugal - Marketing/Sales
Canada tops the table with the most varied amount of occupations in one country. The UAE has the highest amount of expats working in financial services and New Zealand has the most expats working in science.
Supplement your wealth with your health!
Not only do the expats consider themselves better off for moving abroad they also see themselves as being healthier with 68% of expats feeling better for living abroad. Interestingly, the report also reveals there is no correlation between the amount a country spends on healthcare or how many doctors a person has access to, meaning that healthier living is more likely to be linked to expats’ perceptions of their quality of life.
Home abroad is where the heart is
Overall quality of life has a strong effect on expats with eight in ten (81%) surveyed having a greater sense of well being and feeling better all round for moving abroad. The standard of living, cost of living and quality of life makes expats happier whilst living abroad. Nine in ten (91%) expats surveyed were happier living abroad. Nearly all of the expats surveyed (99%) said that they had made a ‘good decision’ to live abroad with 80 per cent rating the decision as excellent and 61 per cent said they had no reason to return to the UK.
David Isley continues: “Expats who have moved abroad appear to be wealthier, healthier and happier and all these factors have contributed to a better quality of life. It seems as if expats have not only found their pot of gold abroad but are able to enjoy themselves and feel healthier for having made the move.”
For further information on NatWest International Personal Banking visit: natwestinternational.com.