Expatriates cite career progression as a key reason for relocating to the UAE
Career prospects, financial security and top living standards are the key factors that helped the UAE to be ranked among the top 10 places to live and work in the world, a new expat survey has revealed.
UAE is ranked ninth, just below Germany, in the annual HSBC Expat Explorer Survey with 62 percent of millennial expats citing career progression as a key reason for relocating to the UAE – a huge 15 points above the global average.
According to the survey, Switzerland is the world’s top-ranked destination for expatriates followed by Singapore, Canada, Spain, New Zealand, Australia, Turkey, Germany, UAE and Vietnam.
Among the other GCC countries, Bahrain is ranked at 11 and Saudi Arabia at 29.
Marwan Hadi, Head of Retail Banking and Wealth Management, HSBC UAE, said: “The UAE’s rise to the 9th best place to live and work is a great recognition of the economic diversification and world-class infrastructure the country offers. While earning potential and career growth is what brings people here, it’s the improved quality of life and safe environment that keeps them here for good, according to the survey.”
The top-most financial priorities for the UAE expats remain saving and investing for retirement (82 percent), children’s education (47 percent) and property (43 percent).
A whopping 83 percent of people who relocated to the UAE said they feel safer and more secure than in their home country, compared to 48 percent of movers globally.
Also, many expats are looking to stay in the UAE for the long haul.
Since moving to the UAE, 46 percent of all UAE expats expect to stay for at least 5 to more than 10 years, the survey said.
Switzerland garnered high marks for its earnings and stability and jumped from No. 8 last year, taking the top slot from second-placed Singapore, which had held it for four straight years since 2015.
While the US is placed at 23, the UK fell seven places to 27 due to the uncertainty over Brexit. Turkey surged from 22nd to 7th, earning top marks for its open and welcoming communities and for the ease expats find in settling in.
HSBC surveyed 18,059 expats in 163 countries through an online questionnaire in February and March 2019, for its latest annual survey.
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