Dubai, UAE: Internationally-minded professionals seeking career progression, financial security and a great place to raise a family increasingly rank the United Arab Emirates as the world’s best place to live and work, according to the HSBC Expat Annual League Table.
Young professionals are a particular driver of the UAEs’ ranking in HSBC’s 12th Expat Explorer survey, with 62% of Millennial expats citing career progression as a key reason for relocating – a huge 15 points above the global average.
The vote of confidence in the UAE from those aged 35 years or younger helped lift the country up one spot in the annual rankings to become the world’s 9th best place to live and work.
The rise of young international professionals
- 62% move to progress their career, 15 points above the global average.
- Those under 35 say their earnings are 51% higher in the UAE than in their home country.
Around 35% 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% to their annual income – more than any other age group.
Commenting on the findings, Marwan Hadi, Head of Retail Banking and Wealth Management, HSBC UAE, said: “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.”
UAE Expats are here to stay
Aside from living the good-life, a whopping 83% of people who relocated to the UAE said they feel safer and more secure than in their home country, compared to 48% of movers globally.
Many expats are looking to stay in the UAE for the long haul. Since moving to the UAE, 46% of all UAE expats expect to stay for at least 5 to 10+ years.
League Table online:
Report and country comparisons: https://expatexplorer.hsbc.com/survey/
Expats’ ratings of 33 host countries are available to explore online through the Expat Explorer interactive tool.
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About the HSBC Expat annual league table
The survey was open to adults over 18 years old currently living away from their country of origin/home territory. The survey was completed by 18,059 expats from 163 countries and territories through an online questionnaire in February and March 2019, conducted by YouGov and commissioned by HSBC Expat. A minimum sample of 100 expat respondents is required for a country or territory to be included in the league table, with 33 qualifying in 2019.
HSBC in the MENAT Region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in 9 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Turkey, Qatar, Oman, Bahrain, Kuwait and Algeria. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
This presence, the widest reach of any international bank in the region, comprises some 350 offices and around 10,500 employees. In the year ending 31st December 2018, HSBC in the MENAT region made a reported profit before tax of US$ 1,557m.
© Press Release 2019