Singapore has been ranked first place overall as the best place to live and work for expats according to HSBC’s Expat Explorer Survey. Taking the top rank for the second consecutive year, the world’s second freest economy outshone the others in terms of quality of life and earnings. The report surveys 29 871 expats across the world and examines a variety of dimensions, ranging from wage growth to politics, in order to arrive at the conclusion.
62% of the expats surveyed in Singapore said their earnings increased after moving to the city-state (global average: 42%), which was supplemented by 67% experiencing an increased quality of life (global average: 52%), and 60% saying they were better able to save (global average: 53%). In second place was New Zealand, with Australia arriving at number 11.
In addition to quality of life, Singapore boasted its strengths in other key economic areas. It was second only to Switzerland in the Economic leagues table, with 73% of the country’s expats expressing confidence in the local economy. In a more domestic lens, the city-state was ranked third when it comes to raising a family, and took the top spot for education with 75% expat support.
Australia’s lacklustre performance comes at no surprise. The present state of the economy, with unprecedented levels of government intervention, as well as abusing the economy for political purposes, is bound to result in mediocre results. The HSBC rankings send another message to the leaders of this country to embrace greater economic freedom in order to help small business, remove the crony capitalistic power of large businesses, and allow local businesses to thrive. The fact that small businesses are unable to operate due to the high compliance costs associated with regulations, thus transferring more power to large businesses, shows that free market capitalism is the only way to ensure greater prosperity.