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22 | HSBC Survey
(69%) stating that they chose to allocate their Country Report: France A high number of Russian expats (97%) say that
money in this way. Over two-thirds of expats in Overall ranking: 26th out of 26 they are saving and investing more money when
the UAE stated that their attitudes to spending Increased savings: 26th out of 26 compared with their home country and over
had changed as a result of the economic crisis, Luxuries: 25th out of 26 two-thirds (68%) have increased their savings as
however over three-quarters of expats (82%) liv- Income: 25th out of 26 a direct result of the global financial crisis.
ing in the UAE also said that they had not con- Disposable Income: 22nd out of 26 Savings accounts are once again the most
sidered a move home. popular choice (70%) followed by property
Poor financial location and home to more (60%) and shares (57%). While three-quarters of
Country Report: Hong Kong retirees expats in Russia (73%) have changed their
Overall ranking: 4th out of 26 According to the survey, France was the worst- spending habits as a result of theeconomic crisis,
Increased savings: 6th out of 26 rated location for an expats’ finances. Over half 83% answered that they are staying put and not
Luxuries: 4th out of 26 of the respondents in France revealed that their considering a move home.
Income: 3rd out of 26 income was less than US$100,000. One-third of
Disposable Income: 6th out of 26 respondents (31%) also revealed that they had Country Report: Thailand
less disposable income when compared with Overall ranking: 15th out of 26
Home to some of the wealthiest expats in the their home country, with over three-quarters Increased savings: 14th out of 26
world Hong Kong has the highest proportion of (77%) answering that they had less than Luxuries: 11th out of 26
expats earning ovHSBC Bank International Expat Explorer Survey 2009er USD$250,000 (27%) com- US$2,000 disposable income per month. Income: 16th out of 26
pared with other countries, with over a third of France was also revealed to have fewer expats Disposable Income: 12th out of 26
expats (39%) reporting an income of over saving, with only just over a third (39%) saying
$2
Country Report: Hong Kong
00,000. A huge proportion of expats living in that they invested more than their country of Hit hard by the crunch
Hong Kong (89%) also reported having more origin, the lowest recorded figure in the survey. Thailand has been one of the locations most
disp
Overall ranking: 4th out of 26
osable income than they did in their home France remains a popular retirement destina- affected by the credit crunch, with almost three-
co
Increased savings: 6th out of 26
Luxuries: 4th out of 26
untry with almost half (48%) reporting over tion; more than a quarter (28%) of expats in quarters (72%) of expats living in the country
$4000 in mo
Income: 3rd out of 26
nthly disposable income. France are retirees, compared with the global saying that their attitude to spending had
Disposable Income: 6th out of 26
However, expats in this region do at the same average of 7%. Over 55s make up 42% of the changed as a result of the economic crisis.
time report needing to spend more on accom- expats in this country. Reduction in spending has been seen on essential
mo
Home to some of the wealthiest expats in the world
dation, food and entertainment. Two-thirds The economic crisis has resulted in over half and luxury items and general household
of the expats in Hong Kong (67%) said that they (55%) of expats in France cutting back on day- maintenance.
sp
Hong Kong has the highest proportion of expats earning over USD$250,000 (27%) compared with other
countries, with over a third of expats (39%) reporting an income of over $200,000.
end more on accommodation, with almost to-day co
A
s
huge proportion of
ts, in addition to luxuries. Over three- Almost three-quarters of expats in Thailand
half
expats living in Hong Kong (89%) also reported having more disposable income than they did in their
(46%) of respondents specifically identifying quarters of expats based in France (86%), (70%) have reduced their spending on essential
that the
home country with almost half (48%) reporting over $4000 in monthly disposable income.
y now spent much more. 62% of expats however, said that they had not considered items. Over half of expats (51%) have also cut
said that the
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e (62%
eep working freelance throughout much of the Asian region.
than thevs 45% overall). Savings accounts are another popular choice (62%) followed by managed funds (48%) andir counterparts (81% vs. 68% overall) for my UK clients paid in pounds.” The majority of expats in Thailand find they
and sho
property (45%).
w a higher preference for investing in spend less of their money on clothes than they
shLuxuries were again a key expenditure that had been reduced in response to the current climate, and ares than the global average (62% vs 45% over- Country Report: Russia did when living in their home country (76%
al
almost all expats in Hong Kong (92%) said that they had not considered returning home as a result of the
economic crisis.
l). Savings accounts are another popular choice Overall ranking: 1st out of 26 allocating less or much less of their income
(62%) followed by managed funds (48%) and Increased savings: 2nd out of 26 towards clothing, compared with 37% among
property (45%). Luxuries: 15th out of 26 expats globally). Over a quarter of expats in
Luxuries were again a key expenditure that
“On secondment we have
had all our living expenses
Income: 2nd out of 26 Thailand (26%) also stated that they are now
had been reduced in response to the current cli-
met Therefore, we haveDisposable Income: 2nd out of 26
allocating more money to savings and
mate, and almost all expats in Hong Kong (92%)
been able to save a lot of
money and enjoy the extra
investments.
said that they had not considered returning disposable income.”Top financial location and home to the wealthiest Despite this obvious effect of the credit
home as a result of the economic crisis.
- Expat in Hong Kong
expats crunch, however, Thailand is home to some of
Almost all (97%) expats in Russian the wealthiest expats, with over half of
Salary brackets – expats in Hong Kong
have more disposable income since respondents in Thailand (55%) earning over
their move there from their home $100,000 per year. A third of expats (32%) also
country. 59% of expats in Russia say have more than $3,500 per month in disposable
that they have more than $4,000 in income when compared with their home
disposable income, which is the second country. Expats in Thailand also lack the desire
highest proportion, exceeded only by, to return home as a result of the crisis, with an
Qatar. Almost half of the expats in overwhelming 94% advising that they hadn’t
Russia (43%) also said that they earn considered such a move.
in excess of $200,000 per year. Nearly
three-quarters (70%) of expats in
Russia admit to having enough money
16
to employ staff since moving there,
compared with the global average of 48%. The Further information
same amount claim to spend much more on Web: www.offshore.hsbc.com/expatexplorer
food than previously, although two thirds of Blog: www.expatexplorer.blogspot.com
expats in Russia say their utility bills have fallen. Twitter: www.twitter.com/expatexplorer
July/August 2009 Investment International www.investmentinternational.com
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