A new research report has indicated that the younger generation of expatriates favors the Middle East for their target relocation.
According to HSBC’s Expat Explorer survey, more and more younger expatriates are relocating to the Middle East in search of better career opportunities in an area of the world that offers a relatively positive economic outlook.
Furthermore, the banks findings relating to the satisfaction levels of expatriates who are already living in the Middle East revealed that it is deserving of such an accolade. A total of 90 percent of the expatriates surveyed who live in Oman revealed that they were satisfied with their lives in the country, while the figure was 89 percent and 83% for those living in Qatar and Saudi Arabia respectively. The United Arab Emirates scored 77% and Kuwait scored 68%. When compared to the worldwide satisfaction level, which was 59 percent, it appears that the Middle East is indeed living up to its reputation as a great expat destination.
One of the biggest draws to this area of the world for the younger generation of expatriates is the financial incentives on offer. The combination of high salaries and low tax rates means that expats who relocate to this area of the world have the opportunity to secure their financial futures. Around two-thirds of expats in Qatar (67%), Bahrain (66%), and Oman (65%) have higher disposable income since relocating to their current country, compared with only 52% of expats globally.
However, despite such high levels of satisfaction, the survey also revealed that 34 per cent of expats in Saudi Arabia, 30 per cent in Qatar and 29 per cent in Oman are contemplating leaving. This could be attributed to the fact that the expatriates who are currently living in these areas have already reaped the benefits available and are ready to return home.
Commenting on the survey, Dean Blackburn, Head of HSBC Expat said: “This is the 5th year we’ve run the Expat Explorer survey and the quality and depth of the findings continue to provide a wealth of information for the expat community. Not only is our online interactive tool a valuable and trusted resource for expats, the insights also help us as a business offer advice to those looking to grow and protect their wealth while living or working abroad. At HSBC Expat we strive to help our customers make the most of every new opportunity available to them while working and living abroad.”
