Bermuda is a wealth hot spot for expatriates

By added on 10/10/2012

Bermuda has the second highest salary for expatriates — just behind Singapore, one of the Island’s main competitors, reports the Royal Gazette.

According to HSBC’s fifth annual Expat Explorer survey, Bermuda ranked second overall in Economics League table, as well as whether expats feel the Island is a wealth hot spot, and ranked first in disposable income.

Expat Economic findings reveal how economic situations differ for expats around the world and how countries compare with one another.

The survey is the largest survey of expatriates around the world, interviewing 5,300 expatriates from 100 countries, across the globe, including Bermuda, making it the largest ever sample to date. A sample size of 30 or more respondents was needed from each country to be included in the results and as such, only 30 countries qualified.

The Island ranked in the middle of the pack for overall experience (15th spot), with Cayman Islands (1), Singapore (4), Switzerland (7), Bahrain (11) and Hong Kong (12) ranking higher.

Bermuda ranked 14th for the ease with which expats can set up here and ranked in the ninth spot for quality of life which fell from fifth in 2010. Bermuda was not included in the 2011 survey due to lack of participants.

Bermuda ranked close to the bottom of the pile, in the 29th spot, for the ease at which expatriates integrate into the local community.

Bermuda also ranked in the top ten for the local weather, commute to work, work/life balance, social life and sports.

Meanwhile, the Island ranked close to the bottom regarding access to quality healthcare, organising schools for children, access to shops, availability of entertainment and finding accommodation.

“This is the fifth 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,” said Dean Blackburn, head of HSBC Expat. “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.”

The survey revealed that Southeast Asia has come to the fore as a leading destination for expat earning potential. Four additional countries in the region also make the top ten, including Thailand (3), Hong Kong (4), China (7) and Vietnam (10).

Expatriates in Southeast Asia continue to benefit from increased earnings with Singapore holding the largest proportion of wealthy expats of any country. More than half (54 per cent) of Singapore-based expatriates who took part in the Expat Explorer survey earn more than US$200,000 per year, compared to a global survey average of only seven per cent.