HSBC Expat Explorer Survey
While the cost of living in Singapore is high, the survey found expats working here have an average salary of US$159,000 (S$224,000) per year – well above the global average of US$104,000 (S$146,000).
In fact, 28 per cent of expats in Singapore who were surveyed earn over US$200,000 (S$282,000) per year. Again, this is much higher than the global average of just 13 per cent.
These results are on par with the typical PME salary for locals in Singapore. For instance, PayScale lists the average salary for chief executive officers in Singapore as S$239,000 per year while HR directors receive S$171,000.
This has a number of positive effects with 65 per cent of expats in Singapore enjoying a greater level of disposable income than in their home countries according to the HSBC report. As well as this, 60 per cent are able to save more.
The survey also indicates that 59 per cent of expats see Singapore as offering excellent prospects for career advancement while 53 per cent say they have more opportunities to develop their skills in Singapore than in their home countries.
Thirty per cent of all expats surveyed worked in the banking, insurance or financial industries which reflects Singapore’s place as one of the world’s largest financial hubs.
Media and telecommunications were the next biggest industries with each attracting 10 per cent of Singapore’s expats.
For HR, these results show what most already know – that expats still see Singapore as an excellent place to work. This means traditional strategies when hiring PMEs from overseas should still be effective at bringing in the top talent.
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Due to its excellent quality of life, financial prosperity and career prospects, Singapore has been crowned the best place overall for expats in the