Singapore has been knocked off by Switzerland as the top-ranked destination of the world for expats.
The nation which is home to some of the greatest commodity trader, pharma firms and private banks, was ranked as the best working & living place, according to a recently published study by HSBC Holdings. Switzerland climbed from number 8 last year as it gathered top marks for its earnings stability & potential.
The average salary of a Switzerland citizen was $111k which is 47 percent higher than the $75k average pay package across the 33 nations surveyed by HSBC in the 12th edition of their annual expat country ranking. 7 out of 10 expatriates stated that they had better disposable income after they moved to Switzerland.
Even though the nation of iconic ski resorts from Verbier & Zermatt to Saint Moritz scored highest for quality of life, Switzerland is not the place for making friends or for a sense of fulfillment, since it got ranked as 24th & 31st, respectively, on those measures.
On the other hand, it is perceived as a perfect place for raising children & making a long-term home. John Goddard, head of HSBC’s expatriate unit stated that the expatriates are now looking ahead than just the financial returns from moving to a new market. They are looking at the general environment in which they would want their children to be brought up, the work-life balance, and they’re looking at safety, and Switzerland scores really well against all those different categories.
After being ranked as the top for consecutive 4 years, Singapore is now placed at second rank.
Other countries which showed progress were Turkey, and Spain which jumped from 22nd to 7th, and 13th to 4th. The United Kingdom dropped seven places to 27th.