The Middle East, Singapore and Russia dominate the top quartile of the Wealth Hotspot leader board, while expats in mainland Europe and South Africa are accumulating the least amount of financial wealth, according to the Expat Explorer Survey conducted by HSBC Bank.
The study found that expats in Russia remain the wealthiest in the world, with 36% of expats in Russia earning over $250,000. This number has actually increased over the past year – 30% of expats based in the country earned over US$250,000 in 2009. Both Singapore (32%) and Bermuda (27%) also have a much higher proportion of expats with an annual income of over $250,000, significantly higher than the overall average of 13%.
BRIC (Brazil, Russia, India and China) countries fared well economically over the past year and, as a result, have emerged as promising expat hotspots. Scores for expats in these countries were higher than average when looking at a number of economic factors including earnings, career development, improved economic outlook and the ability to save.
While close to two-thirds (63%) of all expats surveyed said they are earning more in their host country than in their country of origin, expats based in BRIC countries scored much higher (Brazil, 69%; Russia, 82%; India, 70% and China, 75%). In addition, with the exception of Brazil which fell slightly under the overall average, expats in BRIC countries were also more likely to see increased career opportunities within their host country (64% overall compared with; Russia, 82%; India and China, 70%).
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