British expats better off financially abroad

The average British expat earns almost £15,000 a year more when they move abroad, new research shows.

Data taken from the latest HSBC Expat Explorer revealed that 46 per cent of respondents from all around the world said they are earning more while working in their new home country. On average, expats originally from the UK can expect to see their income increase by £14,613 after moving abroad,

Switzerland was the most lucrative expat destination for those wanting to enhance their salary, with expats there earning an average of £46,750 more than they had done in the UK.

More than a third (35 per cent) gave career opportunities as the main reason for their relocation to Switzerland. A better quality of life proved a close second (32 per cent), followed by salary (24 per cent).

Unsurprisingly, Switzerland has the highest average annual expat salary in the world at £155,495. The USA has the second highest, £141,885, with Hong Kong third at £136,970.

However, the situation for Swiss residents who decide to move abroad is less enviable in terms of income. HSBC says they are facing an average wage cut of around 6 per cent.

“A taste of life in a new location can be the key to unlocking your creative potential, finding the work/life balance you’ve been craving, or taking your career in a new direction,” said John Goddard, head of HSBC Expat.

Article published 14th October 2018