Hong Kong is considered the world’s most desirable destination for expatriates who want to advance their career, according to a survey by HSBC’s Expat Explorer.
The Expat Explorer surveyed 26,871 respondents in 190 countries and territories, of which 616 were expats in Hong Kong.
More than two-thirds, or 68 percent, of expats in Hong Kong agree that it is a good place for career progression, which is higher than all other countries surveyed, such as Singapore, 62 percent; the United Kingdom, 62 percent; and the United States, 61 percent.
Over three in five, or 63 percent, believe their time working in Hong Kong will enhance their job prospects when they move on to a different country or back home, compared with 46 percent globally.
More than three in five, or 62 percent, of expats living in Hong Kong say they earn more than they did in their home country, which compares with 45 percent globally.
On average, expats earn nearly US$170,000 per year in Hong Kong, well above the global average of US$97,000.
Commenting on the findings, Greg Hingston, HSBC head of retail banking and wealth management in Hong Kong, said the city “continues to offer a vast number of exciting job opportunities which appeal to expats looking for a dynamic career, fast progression and better financial rewards”.
In addition to higher average incomes, expats in Hong Kong are able to save more than they did back home.
The majority of expats, or 56 percent, say living in the city has accelerated their progress towards making long-term savings and investments, compared to 38 percent of expats globally.
Among parents, 42 percent say living abroad has helped them to fast-track their savings for their children’s education, compared with 29 percent globally.
However, 79 percent of expat parents say that education in Hong Kong is more expensive than in their home country.
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