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Published By MENAFN
(MENAFN – Khaleej Times) The UAE moved up one rank to 9th best place to live and work, helped by strong vote of confidence by Millennial expats who confirmed that their earnings were 50 per cent higher than what they earned in their home country, according to HSBC Expat Annual League Survey.
Regionally, the UAE retained its top position as the best place to live and work, it said.
The survey results revealed that the UAE was rated the best place to live and work globally by professionals seeking career progression, financial security and a great place to raise a family.
Aside from living the good-life, a whopping 83 per cent of people who relocated to the UAE said they feel safer and more secure than in their home country, compared to 48 per cent of movers globally.
Many expats are looking to stay in the UAE for the long haul. Since moving to the UAE, 46 per cent of all UAE expats expect to stay for at least 5 to 10+ years.
Those surveyed under the age of 35 said their earnings were 51 per cent higher in the UAE than in their home country.
Young professionals are a particular driver of the UAEs’ ranking in HSBC’s 12th Expat Explorer survey, with 62 per cent of Millennial expats citing career progression as a key reason for relocating – a huge 15 points above the global average
The top-most financial priorities for UAE expats remain saving and investing for retirement (82 per cent), children’s education (47 per cent) and property (43 per cent).
Around 35 per cent of the Millennial cohort said their move had resulted in quicker promotions compared to their home country, while the salary uplift they get in the UAE is the highest globally, with an average young executive adding 51 per cent to their annual income – more than any other age group.
“The UAE’s rise to the 9th best place to live and work is a great recognition of the economic diversification and world-class infrastructure the country offers. While earning potential and career growth is what brings people here, it’s the improved quality of life and safe environment that keeps them here for good, according to the survey,” said Marwan Hadi, Head of Retail Banking and Wealth Management, HSBC UAE.
Globally, Switzerland was rated the best place to live and work followed by Singapore, Canada, Spain, New Zealand, Australia, turkey, Germany, UAE and Vietnam.