International banks shed light on where expats are based and how they are coping with economic turmoil.
NatWest International Personal Bank’s Quality of Life Index reports that Australia, Spain and the US remain the top three most popular destinations for Brits abroad and that these mobile citizens has become ‘unofficial expat ambassadors’ shaping the global knowledge economy by promoting values to their host countries. However, an increasing number of more career-minded expats are moving to the successful eastern economies.
Locating the larger British communities, this research has found that in Beijing there are approximately 19,000 British expats who are mainly employed in the information technology, telecommunication, education and finance sectors in researching, management and marketing positions. While in Shanghai, centre of China's major financial institutions and mainland stock exchange, receiving significant capital inflows from Hong Kong, there are an estimated 400,000 Brits.
Singapore is home to an estimated 45,000. Spread across the United Arab Emirates there are around 100,000 Brits, a number which is made up by both permanent and temporary residents, and now represents the largest Western community. The three main localities where British nationals are based are Dubai, Abu Dhabi and Sharjah. New generations of expats are moving away from the ‘old Commonwealth’ countries to new destinations and the buoyant economies in the East.
HSBC Bank International is running its Expat Explorer survey for the fifth year running, promising a “bigger and better” global reach. Last year, the survey included information detailing the lives and financial ambition of nearly 3,400 expats from over 100 countries and revealed that expat wealth had remained widely immune to global economic troubles, even in countries which have experienced significant turbulence in 2010. Expat finances in countries such as Egypt, Bahrain and Japan proved resilient to the wider turmoil.
Dean Blackburn is Head of HSBC Expat confirms the 2012 research will again focus on how expats have fared after the global economic turmoil and social unrest faced in some countries. “On the more practical side, we’ll be asking for hints and tips on what life is like on the ground to provide the most comprehensive picture, and help the Expat Explorer survey continue to be a valued resource for the expat community.”
Expat clients can complete the survey and have their say here.
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