UAE among top 10 countries worldwide for expats – HSBC

The UAE has been ranked among the world’s top 10 countries to live and work in for expatriates, according to HSBC’s annual expat report.

The country ranked ninth on the list, up one spot compared to last year.

Career progression, financial security and a great place to raise a family were cited as the biggest positives by expats living in the UAE, according to HSBC’s expat explorer survey.

Up to 62 per cent of millennial expats cited career progression as a key reason for relocating – 15 points above the global average.

Around 35 per cent of the millennials said their move had resulted in quicker promotions compared to their home country, while the salary uplift they get in the UAE is the highest globally, with an average young executive adding 51 per cent to their annual income – more than any other age group.

The report also found that the top-most financial priorities for UAE expats were saving and investing for retirement (82 per cent), children’s education (47 per cent) and property (43 per cent).

Marwan Hadi, head of Retail Banking and Wealth Management, HSBC UAE, said: “While earning potential and career growth is what brings people here, it’s the improved quality of life and safe environment that keeps them here for good, according to the survey.”

Up to 83 per cent of expats who relocated to the UAE said they feel safer and more secure than in their home country, compared to 48 per cent of movers globally.

The survey also found that almost half of the expats living in the country plan to stay long. Since moving to the UAE, 46 per cent of all UAE expats expect to stay for five to over 10 years.

Among other GCC countries, Bahrain fell from the fifth to the 11th spot while Saudi Arabia dropped from the 24th to the 29th spot.

Both the countries had risen in rankings last year. Oman and Kuwait, which both made the 2017 survey, were not included in the 2018 and the 2019 edition.

Read: UAE falls, Bahrain, Saudi rise on HSBC expat ranking

Globally, among the 33 countries ranked, Switzerland emerged as the top destination for expats, after jumping up seven places since last year, thanks to offering “improved quality of life, impressive pay and swift career progression”.

The report said 82 per cent of expats in Switzerland have seen an improvement in their quality of life compared to their home country, with its “stunning scenery a major contributing factor”.

The country also ranked high for its low levels of pollution, low crime rates and safe streets.

TOP 10 COUNTRIES FOR EXPATS

The survey was completed by 18,059 expats from 163 countries and territories through an online questionnaire in February and March 2019.