Singapore has again secured first place as the best place to live as an expat in this year’s HSBC ‘Expat Explorer’ survey. Australia took out 7th place, with Norway and New Zealand following Singapore in second and third place.
What is it about Singapore that makes it so popular with expats?
The average gross personal income in Singapore for expats is US$117,904, which at today’s exchange rates equates to approximately A$151,000 per annum. According to ABS statistics, the average income in Australia is just over A$83,500, so it’s not hard to see the attractive to the earning potential in Singapore.
Not only is the earning potential higher than back home for Australian expats, it’s also US$18,000 higher than the global expat average in Singapore.
Political stability is not a phrase commonly coined in Australia over the last 5 – 6 years, so it’s not surprising to see that 83% of expats surveyed highlighted that they’re very confident in the political climate here in Singapore.
While perhaps not a wise financial strategy, Singapore acts as an excellent hub to travel from, both regionally and globally. Particularly when compared to most capital cities in Australia, travelling to remote destinations from Singapore is much more affordable and much faster. 50% of those expats surveyed outlined that they were regularly taking more holidays than they were back home.
Capacity to Save
Given that income levels are higher on average in Singapore than back home in Australia, and personal income tax rates are much lower, the capacity to save for our financial goals is much stronger. This is highlighted by the fact that 57% of expats are actively saving for retirement, 44% for property and 40% for other long-term financial goals.
It’s no surprise that Singapore rates as one of the safest countries in the world. Any Australian expat who has spent time here would certainly experience a difference when compared to walking around the streets late at night back at home.
We’re thrilled to see Singapore take its rightful place in the rankings and we expect we’ll see the lion city there for many years to come.
To your financial success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group, division of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is licensed by Global Financial Consultants in Singapore, with a team of Australian-trained, experienced and qualified, allowing us to provide specialist advice to Australians living abroad.
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.