Best place for expats: 73% of foreigners in UAE earn more than in their home country
Dubai: Everyone desires to move abroad in search of greener pastures or higher income. But deciding where to start a new life overseas can be a daunting task.
To help steer would-be expatriates in the right direction, HSBC has come up with a study to reveal the best countries that offer the highest salaries.
After polling more than 22,000 people based outside their home country, the bank found that destinations like the UAE should be on top of people’s list.
According to HSBC, the overwhelming majority (73 per cent) of expatriates living in the UAE earn more than in their home country. About the same number also enjoy additional benefits, such as annual plane tickets and healthcare allowance, which most of the migrant workers in other destinations are missing out on.
Because of these, among other things, the UAE has retained its rank as the fourth best place to work in the world. This is the third consecutive year the UAE has emerged in the top five.
“Among the primary reasons expats highlighted the UAE as one of the top international career destinations was for the benefits packages offered by employers (ranked 1st) and its earnings prospects (ranked 3rd),” the bank said.
According to HSBC, expats in the country are ahead of their peers in terms of benefits, with 75 per cent of them getting an annual airfare allowance and 85 per cent receiving health and medical allowances compared to a global average of 17 per cent and 43 per cent, respectively.
“The UAE once again emerges as the destination of choice for ambitious globetrotters looking to expand their careers in 2019. Better earning potential is the cornerstone of why people seek career opportunities here,” said Marwan Hadi, HSBC’s head of retail banking and wealth management in UAE.
“It is indicative of the success of UAE’s focus on diversification, which has resulted in the creation of an internationally recognised and sought-after working environment.”
Hadi said expats moving to and living in the UAE should look to make the best of their lives abroad.
“Knowing where to keep your savings and planning short and long-term financial needs is vital. Once you have the logistics in order, you can focus on seeking out new experiences, gaining new skills and learning more about new environment.”