HSBC Bank International Expat Explorer Survey 2009
HSBC Bank International Expat Explorer Survey 2009
Country Report: Singapore
Country Report: United States
Overall ranking: 6th out of 26
Increased savings: 11th out of 26
Overall ranking: 17th out of 26
Luxuries: 5th out of 26
Increased savings: 22nd out of 26
Income: 4th out of 26
Luxuries: 20th out of 26
Disposable Income: 7th out of 26
Income: 6th out of 26
Disposable Income: 18th out of 26
Living the high life
Higher living costs
Expats in Singapore live the high life – they are the 7th ranked country for available disposable income,
with more than three-quarters (76%) stating that they have more spending money when compared to their
Respondents living in the US experienced an increase in the cost of their healthcare provision, perhaps
home country. Almost half (47%) of expats living in Singapore report having more than $4,000 in disposable
due to the way in which its healthcare system is funded, with 35% spending more money than before
income, a proportion exceeded only by Japan, Qatar, Saudi Arabia, Hong Kong and Russia.
moving to the country.
Large proportions (44%) of expats in Singapore spend more on their accommodation than their
The economic crisis has resulted in expats in the US reporting some degree of belt-tightening. They
counterparts in other countries. Entertainment and healthcare also came out as higher costs for
claim to have cut back on day-to-day expenses more than the average expat (63% in the US vs. 54% on
expats in Singapore when compared with the global average. In line with a theme seen throughout
average) and utility bills (41% vs. 31%). Yet, due to other expenses, expats in the US are not managing
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response to the current climate.
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report being able to save more money since becoming an expat in the US.
Just over half, 58% of expats living in the US say that they are able to invest or save more now than they did
Three-quarters of expats in Singapore report saving more than they did in their home country. Savings
before moving away from their home country. However, 68% of expats overall are saving more money since
accounts were the most popular saving/investment mechanism (59%), followed closely by managed funds
moving away from home. Slightly more US-based expats are considering returning home than the global average
(51%) and shares (51%).
(22% compared with 15%) and the most frequently cited reason is increasingly limited career prospects.
Almost all expats in Singapore (91%) say that they have not considered returning home due to the
economic downturn (compared to 85% globally). Of those expats answering that they were thinking of
moving home as a result of the credit crunch, reduced contract length was the key factor highlighted
“Up until the recent and was higher than the global average (28% vs. 15%).
“downturn” in the global
economic situation my
HSBC Survey | 21
money went further here
in the US.”
- Expat in the US “Better salary, better
lifestyle.”
- Expat in Singapore
How have expats in the US responded to the economic crisis?
What costs the most for expats in Singapore?
14
12
Country Report: Australia Country Report: Singapore credit crunch, reduced contract length was the
Overall ranking: 24th out of 26 Overall ranking: 6th out of 26 key factor highlighted and was higher than the
Increased savings: 18th out of 26 Increased savings: 11th out of 26 global average (28% vs. 15%).
Luxuries: 14th out of 26 Luxuries: 5th out of 26
Income: 26th out of 26 Income: 4th out of 26 Country Report: United Arab
Disposable Income: 25th out of 26 Disposable Income: 7th out of 26 Emirates
Overall ranking: 5th out of 26
Higher costs, lower salaries but still saving more Living the high life Increased savings: 5th out of 26
Australia ranke
HSBC Bank International Expat Explorer Survey 2009
d low in the survey, with expats Expats in Singapore live the high life – they a
HSBC Bank International Expat Explorer Survey 2009
re Luxuries: 8th out of 26
Down Under earning less than many other coun- the 7th ranked country for available disposable Income: 5th out of 26
tries. Over half (63%) of respondents reported income, with more than three-quarters (76%) Disposable Income: 4th out of 26
ear
Country
nings und
Report: Australia
er $100,000. Despite this lower salary, stating that they have more sp
Country Report: United
ending money
close to three-quarters of expats (70%) said that when compared to their home country. Almost
Arab Emirates
More disposable income and greater luxury
the
Overall ranking: 24th out of 26
y had more disposable income than their home half (47%) of expats living in Singapore report The UAE comes out as an ideal financial loca-
count
Increased savings: 18th out of 26
Luxuries: 14th out of 26
ry. having more than $4,000 in disp
Overall ranking: 5th out of 26
osable income, a tion for expats, with more respondents reporting
Income: 26th out of 26
Expats in Australia reported that they experi- proportion exceeded only by J
Increased savings: 5th out of 26
apan, Qatar, Saudi an increase in their monthly disposable income
enc
Disposable Income: 25th out of 26
Luxuries: 8th out of 26
ed an increase in costs over a number of differ- Arabia, Hong Kong and Russia.
Income: 5th out of 26
ent expenditures, including food, accommodation, Large proportions (44%) o
D
f
isposable Income: 4th out of 26
after moving to the UAE than those moving to
expats in other countries (87% vs. 74% overall) and more
u
H
tilit
igher costs, lower salaries but still saving more
ies and healthcare, all greater than the global Singapore spend more on their accommodation than half (56%) of those reporting a disposable
average. Healthcare was identified as a particularly than their counterparts in otheMore disposable income and greater luxuryr countries. income of over US$3,000 per month.
hig
Australia
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Over half (63%) of respondents reported earnings under $100,000. Despite this lower salary, close to
e also came out as More than two-thirds (67%) of expats spend
wthree-quarters of expats (70%) said that they had more disposable income than their home countryith their home country (61% vs. 41% overall). higher costs for expats . in Sing
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in their monthly disposable income after moving to the UAE than those moving to other countries (87% v
n than they did before
s.
Expats in
Expats in
Australia reported that they experienced an increase in costs over a number of dif
Australia make their money go fur- pared with the g
ferent
lobal average
74% overall) and more than half (56%) of those reporting a disposable income of over US$3,000 per month.
. In line with a moving to the UAE. More money is allocated to
theexpenditures, including food, accommodation, utilities and healthcare, all greater than the global average. r, with over half of those surveyed (56%) stat- theme seen throughout Asia, two-thirds of expats holidays by expats in the UAE (66%), with trans-
ing that the
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y own a property (compared with 31%
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More than two-thirds (67%) of expats spend more on accommodation than they did before moving to the
country (61% vs. 41% overall).
in Singapore (64%) identified that the
UAE. More money is allocated to holidays by expats in the UAE (66%), with transport standing out as an
expenditure that has decreased – over half of expats in the UAE (51%) stated that they now spend less
y had port standing out as an
overall) and more than two-thirds (68% com- reduced spending on luxuries in response to the expenditure that has decreased – over half of
par
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money on transport than in their home country.
a property (compared with 31% overall) and more than two-thirds (68% compared with 54% overall) saying
expats in the UAE (51%) stated that they now
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Expats in the UAE claim to have a marked improvement in possessing “luxury items” – 62% of respondents
s of expats in Singapore report spend less money on transport than in their
g
(60%) of expats in
lobal financial cr
Australia have managed to increase their savings and investments compared with their
said that they employed at least one member of staff and 55% own more than one car. They also save more
home country, with savings accounts the most popular way to save (72%), followed by property (42%)
isis. Close to two-thirds (60%) saving more than they did in their ho
now than prior to their move (82% vs. 68% overall) with 49% of expats having invested in managed funds.
me country. home country.
oand shares (40%).
Savings accounts were the most popular choice for expats in the UAE, with over two-thirds (69%) stating
f expats in Australia have managed to increase Savings accounts were the mothatst ptheyopularchose to allocate their moneyExpats in the Uin this way. Over two-thirdsAE claim tof expatso hainvthee a marUAE statedkedthat their
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ir
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vestm
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result of
chanism (59%),
the
attitudes to spending
follow
had
ed
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imp
as a
r
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economic
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crisis, however
“luxu
over
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three-quarters
tems” – 62%
of expats
hocrisis, a huge number of expats in me country, with savingAustralia are happy to stay put (88%).
(82%) living in the UAE also said that they had not considered a move home.
s accounts the most closely by managed funds (51%) and shares of respondents said that they employed at least
popular way to save (72%), followed by property (51%). one member of staff and 55% own more than
(42%) and shares (40%). Almost all expats in Singapore (91%) say that one car. They also save more now than prior to
Despite over half (63%) of expats saying that the
“Price
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ed returning home due to their move (82% vs. 68% ove
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they have changed their attitude to spending as a and telecommunicationsthe economic downturn (compared to 85% expats having invested in managed funds.
result of the crisis, a huge number of expats in
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Australia
Of those expats answering that they Savings accounts were the mo- Expat in the UAEst popular choice
Australia are happy to stay put (88%). were thinking of moving home as a result of the for expats in the UAE, with over two-thirds
How expats in Australia allocate their money Preferred saving vehicles for expats in the UAE
13
15
www.investmentinternational.com July/August 2009 Investment International
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