SINGAPORE— The Republic has again been rated by expatriates as the best country in the world to live and work in, and is the only country in Asia to be in the top 10, in the latest annual HSBC Expat Explorer survey. Economic and political stability, a fulfilling experience and an improved family life are the key factors, according to the report.

Of those surveyed, 73 per cent say the country offers better earnings prospects than their home country, with 65 per cent of respondents indicating they enjoy more disposable income. Expats moving to Singapore report an average annual income of almost US$118,000 (S$160,353), a 42 per cent increase compared to home.

“Singapore has been rated the number one destination by expats for the last three years, offering economic stability, a great quality of life and a safe environment for families,” said Mr Anurag Mathur, head of retail banking and wealth management, HSBC Bank (Singapore).

The Republic is also a top destination to raise a family, with political stability and security considerations high on the list. According to the survey, 82 per cent of Singapore expats feel safer here than at home, compared to a global average of 49 per cent for expats in other countries surveyed.

Meanwhile 72 per cent of expat parents rate both the quality of education, and the health and well-being of their children better than in their home country. A quarter of expats (26 per cent) in Singapore feel the host city offers an excellent education system compared with only 10 per cent of expats globally.

“However, becoming an expat is not without its challenges. Living across international borders can make securing their financial well-being harder,” said Mr Mathur.

More than four in five expat parents (84 per cent) find that the cost of raising children in Singapore is more expensive than at home. However, the high quality of education in Singapore more than justifies the cost, according to the report.

The survey also showed that expats in Singapore are less likely to see an improvement in their work-life balance than those in other destinations, with just under half the respondents agreeing with the statement.

Now in its 10th year, the HSBC Expat Explorer survey interviews more than 27,500 expats – including about 480 residing in Singapore – about their experience abroad.

The HSBC Expat Explorer overall league table ranks each country using a score that summarises expats’ overall view of the country they live in. The overall score is the average of the economics, experience and family scores, covering 27 key criteria from the survey.

For the first time, the survey also looked into Singaporean nationals’ motivations for living abroad. For Singaporeans overseas, it would seem the improved quality of life compensates for the less favourable financial aspects of expat life.

Interestingly, two in five (about 40 per cent) Singaporeans overseas say they save less and have less disposable income compared to life at home. However, 70 per cent feel they have a more balanced lifestyle than at home, with 42 per cent of Singaporean expats saying their social life is better than it was at home.