In a newly released survey, Singapore has been ranked as the best place for expatriates to live and work for a fourth straight year
Our neighbours beat New Zealand, Germany, Canada, and Switzerland to emerge as the top-ranked place in HSBC's annual Expat Explorer released on 10 October.
According to John Goddard, head of HSBC Expat, "Singapore packs everything a budding expat could want into one of the world's smallest territories."
Of the 22,318 expats interviewed HSBC Expat, including over 500 who live in Singapore, many mentioned factors such as the better environment for families, the quality of childcare and education in Singapore better than that of their home countries.
However, while Singapore did better in the ratings of its family benefits and overall quality of life, expats are paid less on average than those working in China, Hong Kong, and Switzerland
According to the survey, in Switzerland, that emerged as the best-paying place, expats earned an average of USD203,000 per year, which is twice the global level. However, as the best place to live and work, Switzerland ranked only eighth, with the high cost of raising children and difficulty making friends going against it.
On the other hand, in Singapore, the average annual income of USD160,000, salaries for expats are more than 30% above the global average, the survey said.
Of those over 22,000 expats interviewed, 45% said they moved to Singapore to advance their careers and 38% said they did it to improve their earnings.
However, our neighbours did not fare well in terms of work-life balance and the amount of stress faced by 46% expats living there
Expats who work full-time in Singapore said that their work-life balance is the same as or worse than it was back home, with 46% saying that the levels of stress at work are higher than in their home market, according to the annual survey by HSBC.
There were also concerns about the cost of living, with half of those interviewed saying they could not afford to buy property in Singapore. More than one-third were also concerned about being able to set aside enough for their retirement.
Meanwhile, Malaysia that was in the top 18 countries overall last year gained three spots to be ranked 15th in the 2018 survey
Back in January this year, Malaysia was named as the only Asian country among the world's 10 best countries to retire in 2018: