The Indian city of Mumbai this year heads the global ranking for foreigners earnings, prepared by HSBC Bank International. The foreign employees who have chosen to settle in India’s most populated city have received an average salary of 217,165 USD per year. This is more than twice as high as the world’s average salary of 99,903 USD per year, shows the survey of HSBC Expat.
“In Mumbai, there is the highest percentage of foreigners sent there by their employer. They often take advantage of relocation packages, which explains their higher pay in the city”, said the head of HSBC Expat, Dean Blackburn. Among the reasons for Mumbai’s leading position, he also highlights the high levels of employment and experience of foreigners, as well as the significant share of engineers moving from German and other infrastructure companies.
The top ten cities with the highest pay for foreigners include San Francisco, Zurich, Shanghai, Geneva, New York, Los Angeles, Jakarta, Hong Kong and Paris.
“The financial and technological centers in the US and the UK are the most attractive for ambitious foreigners who want to push their career to the next level”, said Dean Blackburn.
Dublin, which has become a technology center in Europe, is also among the top five cities with the best job opportunities for foreigners, but is below the average global level of pay for foreign staff.
However, 61% of foreigners in the Irish capital say they have a better balance between work and private life.
Switzerland, which previously headed the global ranking for foreigners earnings, now has two cities in the top five. Zurich is ranked third at the highest salary of foreigners, mainly because there are located leading banks such as Credit Suisse and UBS, as well as technology companies such as Alphabet. Geneva, which accepts some of the world’s largest energy companies, such as Trafigura and Mercuria Energy, is fifth.
Despite the significant cost of living in Switzerland, high wages in the country and low taxes cause 77% of Zurich foreigners to claim that their disposable income has increased since they moved to the city. More than half of foreigners in Zurich say they live in better homes than in their homeland, despite high rents and property prices in the city.
Berlin and Prague are at the bottom of the ranking of 52 cities, prepared by HSBC, but the majority of foreigners in these cities say the cost of living is affordable.