The land of ski resorts, the world’s biggest private banks, big pharma companies and commodity traders that is Switzerland was recognized as the best place for expatriates to live and work, as per a study conducted by HSBC Holdings.
Previously in the eighth spot in 2018, Switzerland surpassed Singapore thus unseating the Asian economy from its first place for the first time in the last four years.
The average salary in Switzerland is $111,587 which is 47 percent more than $75,966 mean pay package of all the countries’ surveyed. Upon moving to Switzerland, seven out of 10 expats in the survey said they had more disposable income.
Singapore, having occupied the top rank for the last several years, placed second this year. It still remains the most highly ranked destination for expats with children. Expats choose Singapore for its growing economy and a better education system as compared to their home country.
Even though Switzerland scored higher on quality of life thanks to the ski resorts, it was not high on the list for a sense of fulfillment (31st) or building friendships (24th). However, the survey heralds Switzerland as a “great place” for raising children and long-term stay.
Other countries who rose through the ranks include Turkey, which moved from 22nd place to the seventh. It gained more points because of its “open and welcoming communities” and ease of settling in. Even Spain climbed up by nine places and now rests on the fourth spot as it was ranked as the best in terms of quality of life, physical and mental wellbeing.
On the other hand, Britain moved down to the 27th place as the looming uncertainty of Brexit put expats at unease in terms of expectations for global stability. Britain continues to be high on the list for career progression and fulfillment. Even though Sweden received a high score for economic stability and work-life balance, expats still cited that they found it difficult to make friends and unlock their potential.