Switzerland Unseats Singapore as Top Expat Destination
Home to some of the biggest private banks, watchmakers, and pharmaceuticals companies, Switzerland was deemed as the best place to live and work.
Switzerland jumped from number 8 last year to top spot this year, as it earned the highest marks for its earning potential and stability, according to the latest study by HSBC Holdings. It replaced Singapore, which held the top spot for four years.
«The research confirms what we hear from clients, many of whom move to Switzerland for its high quality of life, good business prospects, and economic and political stability,» said Jean-Francois Bunton, market head for HSBC Private Banking in Switzerland in a statement.
More Disposable Income
Nevertheless, Singapore was ranked as the best destination in the world for expats with children. Amongst expats surveyed, 69 percent lauded the city-state for their children's ability to learn languages, while 62 percent said the country's education system is better than in their home country.
The average Swiss salary of $111,587 is 47 percent higher than the $75,966 mean pay package across the 33 nations surveyed by HSBC in the 12th edition of their annual expat country ranking. Seven out of 10 expats said they had more disposable income after moving to Switzerland.
Economic Stability
However, the land of high alps and ski-slopes is not the place to look for a sense of fulfillment or making friends - ranking 31st and 24th respectively on those measures.
Similarly, Sweden scored highly, for economic stability and work-life balance but these were not enough to offset the difficulty that expats found in making friends and reaching their potential in the Scandinavian country, resulting in the country tumbling from 7th spot to 20th spot.
