Young professionals who move abroad before they turn 35 see bigger increases to their earnings and get promoted more quickly, according to HSBC annual league table of the best places for expats to live and work.
They see average wage increases of 35% after relocating overseas, with the average salary rising to $54,484 from $40,358, while earnings in the 35-54 and 55-and-over age brackets increase just 24% and 9%, respectively.
The best pay packages for young professionals are to be found in Indonesia and Turkey, according to the bank.
However, it was Switzerland that knocked Singapore off its perch as the world’s top-ranked destination for expatriates.
The nation – home to some of the biggest private banks, commodity traders and pharmaceuticals companies – was judged the best place to live and work. Switzerland jumped from No. 8 last year as it garnered top marks for its earning potential and stability.
The average Swiss salary of $111,587 is 47% 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.
While the nation of iconic ski resorts from Zermatt and Verbier to St. Moritz scored well for quality of life, Switzerland isn’t the place for a sense of fulfillment or making friends – ranking 31st and 24th respectively on those measures. On the other hand, it’s perceived as great place to raise children and make a long-term home.
“Expats are increasingly looking at more than just the financial returns they get from moving to a new market,” John Goddard, head of HSBC’s expat unit, said in a Bloomberg Television interview.
“They’re looking at work-life balance, the general environment in which they want to bring up their children, they’re looking at safety, and Switzerland marks really well against all those different categories.”