According to the new HSBC Expat Explorer survey:
Aussie expats are unhappy with conditions in traditional markets like the UK and Europe with more than half looking at leaving their current host country for opportunities back in Australia or in Asia, according to HSBC’s global Expat Explorer survey. The survey also finds growing economies like Indonesia, Vietnam and China are becoming expat hot spots.
Expat Explorer, now in its sixth year, is an annual survey by HSBC involving more than 7000 individuals currently residing in 37 countries and territories worldwide. The report covers four categories of expat life – Economics, Experience, Raising Children and Expenses.
According to the survey, Europe remains the mainstay for Australian expats with 36% of Australian respondents currently residing in the UK and a further 12% on the continent. However, Australian expats are growing increasingly unhappy with their current arrangements in Europe.
Expat Explorer shows that more than half (51%) of Australian expats are currently dissatisfied with their current host country compared to the global average of 40%, with a similar number (54%) looking at leaving (compared to 37% globally). Poor economic conditions, better opportunities elsewhere and high expenses are the most commonly cited reasons for prompting the move.
The survey finds that nearly half of those looking at leaving their current posting are to return to Australia.
Expat Explorer finds Asia an increasingly popular destination for Australians abroad. According to the survey, 24% of Australians are currently in Asia (higher than the global average of 12%), and a further 10% of Australians are looking to enter Asian markets from another posting (compared to the global average of 5%).
The survey shows a strong mix of career, financial and lifestyle benefits appear to be the drawcard for Australian expats entering Asian markets.
HSBC Expat Explorer finds the average expat remuneration package in Asia is 15% higher than the global average (US$74,000 per annum, compared to US$64,000 elsewhere.) Additionally, five out of the top 10 destinations in the 2013 Expat Explorer Experience league table, ranked by expats for quality of life, ease of setting up and integration are in Asia (Thailand, China, Singapore, India and Taiwan).
According to the survey, Australian expats are based throughout Asia with similar proportions of respondents residing in Hong Kong, Vietnam, Singapore and Indonesia. Each of the countries had 3-5% nomination by Australian respondents (similar in proportion to traditional markets for Australian expats, like the US, which had a 5% nomination).
According to the survey, 64% of expats in Vietnam and 59% in Indonesia saw increases in disposable income (compared to a global average of 49%), and 22% of expats in Indonesia earn over US$250,000 (the largest proportion of high earners across all surveyed countries).
Expats in Indonesia and Vietnam are twice as likely to have been sent by their companies from other locations and more than three times more likely to be on a secondment than the survey’s global average.
Similar to previous years, China ranks highly in the Expat Explorer Economics league table. Specifically, the report finds 69% of expats moved to China for better job prospects (compared to 36% globally) and 59% of expats in China say that they earn more than they did in their home country.
However, expats’ quality of life in China is now catching up with their career prospects with China ranking third in the Expat Experience league table. According to the survey, 49% of expats in China say their work life balance has improved compared to the global average of 39%. And recognising the importance of China to future global growth, 86% of expats in China attempt to learn the local language, compared to the global average of 60%.
Australia was ranked pretty favourably as an expat destination, not surprisingly because of lifestyle largely.
