90% of expats in Canada saying they having a strong connection with the country (compared to global average of 66%)
Of the most cost-effective countries for expats to live, Canada ranks a dismal 30 out of 37
Visit www.expatexplorer.hsbc.com for the full global report and Canadian results
VANCOUVER, Oct. 30, 2013 /CNW/ - Expats have ranked Asia as the top destination for expat quality of life, according to the HSBC Expat Explorer Survey -- the largest global survey of expats. Canada receives top marks when it comes to inclusiveness, lifestyle and financial benefits for expats.
Now in its sixth year, HSBC's global survey explores the opinions and attitudes of more than 7,000 expats in over 90 countries around the world.
In terms of experience, a staggering 90% of expats in Canada identify themselves as having a strong connection with the country compared to a worldwide average of 66%. Perhaps as a result of this strong link to their new home, expats living in the country note a lower than average association to their home country - 72% compared to a global average of 80%.
When it comes to planning for the future, 86% of expats in Canada said they have made retirement investments in Canada - the highest percentage globally - suggesting that many expats living in Canada may be planning to remain here long term.
It's not all good news for expats, as survey results show that Canada ranks a dismal 30 out of 37 when it comes to the most cost-effective countries for expats to live (based on everyday expenses like accommodation, transportation, groceries, education, childcare, tax, and healthcare).
Commenting on the findings, Betty Miao, Head of Retail Banking and Wealth Management, HSBC Bank Canada said: "This year's survey results show us that Canada continues to be an attractive destination for expats looking to build a home-away-from-home, as well as a desirable place to plan for retirement. That said, a higher cost of living compared to that of their home countries poses a real challenge for many of those surveyed.
"In our experience working with clients from around the globe, we know first-hand the importance of a sound wealth management strategy that takes into account both their present and future - wherever that may be."
From a global perspective, not only are the Asian economies among the most favourable locations for expats, the survey reveals that the region is also home to the highest paid expats. The average expat in China earns US$111,000 per annum, 42% more than the Canadian average of US$78,000.
Alongside earning potential, this year's Expat Explorer survey highlights that Asia is also a top expat social hotspot. More than a third (35%) of expats based in the region agree they have a more active social life since relocating, compared with 19% of Canadian expats.
Added Miao: "As trade and investment corridors continue to expand across the globe, more and more Canadians may find themselves working abroad -- perhaps enjoying the top-ranked expat experience in Asia, Germany or Singapore.
"Whether it's for the short or long-term, having the right wealth management strategy in place can make a world of difference."
For the full global report and Canadian results, and to use the interactive tool to see how Canada stacks up to the rest of the world, visit www.expatexplorer.hsbc.com. The tool ranks countries in three areas, looking at Expat Economics, Expat Experience and Raising Children Abroad.
Follow the updates and join the debate online:
Tweet at: http://twitter.com/expatexplorer
Share your experiences: http://expatexplorer.blogspot.com/
Look for expat hints & tips: http://expatexplorer.hsbc.com/hintsandtips/
Notes to Editors:
About the Expat Explorer survey
The Expat Explorer survey, now in its sixth year, is commissioned by HSBC Expat and conducted by independent research company YouGov, who questioned 7,004 expats through an online survey. The survey ran from 29th April to the 11th June 2013, with expats from nearly 100 countries taking part.
A sample size of 30 or more respondents from each country was required for inclusion in each league table, to be considered indicative of the views of the country's expat population, with many countries far exceeding the minimum sample size. The league tables are based on a series of sub criteria to ensure a fair assessment of how individual countries rate across a range of factors. Each criterion is weighted to arrive at a score which determines the country ranking.
The full set of sub criteria measured for each of the individual league tables is available on the Expat Explorer Interactive tool: http://www.expatexplorer.hsbc.com/.
HSBC Expat is a trading name of HSBC Bank International Limited. HSBC Expat is an award winning provider of offshore financial services, with its head office based in Jersey, Channel Islands. It also has representation in Dubai, Hong Kong and South Africa. As part of HSBC Holdings plc, HSBC Expat has the experience to offer customers living and working abroad, tailored offshore financial solutions. For more information visit: www.expat.hsbc.com
HSBC Bank Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in Canada. With around 6,600 offices in 80 countries and territories and assets of US$2,645 billion at 30 June 2013, the HSBC Group is one of the world's largest banking and financial services organization.
SOURCE: HSBC Bank Canada
For further information:
Assistant Vice President, Public Affairs
HSBC Bank Canada
Senior Manager, Public Affairs
HSBC Bank Canada