To get higher salary in Asia under economic crisis
Under the situation of economic crisis, if you want to work in a foreign country and still get a high salary, you should turn to Asia. According to a research, those expatriates who live in Asia and Middle East get the highest salary among all expatriates.
The HSBC Bank International, the offshore financial services arm of HSBC Holdings, indicated that the percentage of expatriates in Russia is about 30%, which is the highest in the world. The expatriates in Russia earn the most —– up to 250,000 dollars a year, in terms of the income standard, expatriates in Japan and Qatar ranked second and third following Russia.
Between one third and one quarter of expatriates in Hong Kong, the UAE, Thailand and India can get a salary of more than 200,000 dollars a year. In terms of the cost of accommodation, countries like Malaysia, China and India were among the cheapest ones.
The survey explained that Asia is the cradle of those highest paid expatriates because 25% of expatriates in Asia can earn more than 200,000 dollars per year.
The top ten highest paid countries for expatriates were all from Asia and the Middle East, in which Russia ranked the first.
Despite the low percentage in population, expatriates from Britain and United States suffered a lot from the economic crisis. A great number of expatriates in Britain and United States began to take returning home into consideration due to the high cost of living and the relative low income.
Paul Say, head of marketing and communications for HSBC Bank International, said in a statement that the some interesting trends appear in terms of expatriates’ reaction towards the financial crisis, and what was also interesting was the fact that most of them belong to a wealthy group.
According to HSBC, Expat Explorer, the largest survey of expatriates under its 2nd year, surveyed more than 3,100 expatriates with different nationalities from 26 countries.
The economic crisis has changed the lifestyle of more than two-thirds of expatriates worldwide, in which their luxuries and daily spending are most influenced. Nearly 40 percent of expatriates began to save more money for even worse economic situation.
Over half of the expatriates in Japan started to refrain from extra spending such as traveling on holidays, etc. Almost 50 percent of expatriates in Thailand and Hong Kong were also doing so.
However, two-thirds of expatriates in Qatar and half of those in Bahrain said that the economic crisis has no impact on their way of spending at all. HSBC pointed out that those Gulf Arab countries have not been hit that hard by the crisis due to their abundant oil resources.
The survey also showed that expatriates in Saudi Arabia, Brazil and Russia are also intended to keeping spending their money on luxuries.
The expatriates who were surveyed should meet four criteria: annual income of more than 200,000 dollars; a monthly income of more than 3,000 dollars which is free to spend; an increase in saving after working abroad and at least two luxury items in their home country.
The survey was carried out between February and April 2009.
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