Singapore is ‘expat wealth hotspot’

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http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9598425/Singapore-is-expat-wealth-hotspot.html

A survey of over 5,000 expats has found that Singapore is home to the largest proportion of wealthy expats.

HSBC Expat ranked nearly 100 countries on the financial health of foreigners living there and Singapore topped the table, while four other Asian locations – Thailand, China, Hong Kong and Vietnam – also appeared in the top 10.

In Singapore, more than half (54 per cent) of surveyed expats said they earned more than US$200,000 (£125,000) a year, compared with a global survey average of just seven per cent.

The majority of expats in Asia said they had experienced an increase in disposable income since relocating, particularly in Singapore (80 per cent), Hong Kong (79 per cent) and Malaysia (72 per cent).

The dominance of Asia in this year’s report contrasts previous years, where the Middle East boasted the most affluent expats.

Briton Anna Power, a former lawyer now living in Bangkok, Thailand, said that she and her partner had enjoyed much better financial health since moving to south-east Asia.

“We definitely have a better quality of financial life, to the extent that we can afford for me not to work,“ she said. “The salaries, if you are sent here as an expat worker as my boyfriend has been, are high, and the basics are cheaper than the UK.