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18 | Investment International Profile
JB: What do you feel are the
main current trends in the
global economy? HSBC Bank
MS: There are a variety of factors operating
here. There has been a radical restructuring in
terms of credit facilities, and I feel that this is a
long-term trend. I see no prospect of a return
to the type of credit facilities that were available International Expat
even a couple of years ago, and in many
respects that’s a healthy development.
Perhaps the most significant development in
recent months is the increasing level of govern-
ment involvement in the banking industry. The Explorer Survey 08
degree of government intervention is unprece-
dented, and inevitably will change the manner
in which banks operate.
Of course over the recent months, the off-
shore banking centres have received an
increased degree of interest. I strongly welcome
the Independent Review into British Offshore Report One: Expat Existence
Financial centres to be conducted by Michael
Foot. The financial world needs offshore cen-
tres, and they positively contribute to the global
economy, but it’s essential to ensure that all are The Survey
effectively regulated. HSBC Bank International The Expat Explorer survey questioned 2,155 expatriates across four continents about the opportu-
is headquartered in Jersey precisely for the rea- nities and challenges they face. The survey revealed some fascinating insights into how expat life
son that the jurisdiction is extremely well regu- differs from country to country.
lated, operates within a thoroughly transparent
framework and is highly regarded within the Expat Existence
industry. Expat Existence is the first report of three in the Expat Explorer Series and ranks the top rated
places to livebased on expats’ own personal experiences.
JB: How serious is the trend
towards protectionism, Key Findings
particularly as expressed by European woes
President Sarkozy of France? Is Seeking the good life abroad? Then pack your suitcase and head for Singapore, the
it not a question of attempting United Arab Emirates (UAE) or the United States. These three countries emerged as
to formulate a number of best expat locations overall in the survey. The UK and France were amongst the
individual national responses to lowest rated destinations, scoring poorly on their levels of luxury and standards of
what is essentially a global accommodation.
problem? Earning and spending more
MS: I agree with you entirely. Protectionism Despite the current economic climate, expats spend more whilst still being able to
tends to arise in times of stress, and that cer- save. Over half (58%) of expats save and invest more than they did in their country
tainly would be an accurate description of the of origin. 52% also spend more on food, 49% more on shopping and 45% more on
current global economic situation. While the socialising in their new country of residence.
present year will certainly prove to be difficult, Where six-figure salaries are the norm
I expect 2010 to see the beginning of recovery, Hong Kong and India based expats have the highest salaries in the world; with
especially if we don’t go down the protectionist close to half earning more than £100,000 p.a. The highest paying professions were
route and do continue to make the most of the in finance and management with 43% of people working in these industries earning
opportunities afforded by the global market a six figure salary.
place.
Expat Existence Methodology
Each country was rated according to living standards, whether expats can command a high salary
Martin was born in 1966. He is and increase their saving, which countries are popular to settle in the medium-long term and
married to Barbara and lives in whether they experience an increase in luxury. For example:
Jersey with his two boys. During his
life as an expat he has picked up
several languages including basic
Japanese and has sat on the board
for schools in Tokyo and Karachi.
When he’s not in the office he enjoys
a range of outdoor sports, skiing,
sailing and diving and holds his PADI,
a diving qualification.
March 2009 Investment International www.investmentinternational.com
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