Switzerland is best paying destination for economic migrants, as foreigners earn an average of over 193,000 USD per year. This is the world’s highest average pay and is almost double the average on a global scale, according to a study by HSBC Holdings. Switzerland leads the economy chart of HSBC, which measures indicators of personal finance and career advancement to the strength of the local economy. Almost eight out of 10 foreigners say they have higher income after they have moved to Switzerland.
“Switzerland always has high performance in terms of the economy”, said Dean Blackburn, head of HSBC Expat. “Most immigrants there are full time employees with better pay prospects. The foreigners in Switzerland are also some of the most confident about the local economy”, added he.
Norway and Germany ranked second and third in terms of economy, followed by Singapore, which, however, leads the overall ranking for the most preferred destination for a third consecutive year, according to the HSBC Expat Explorer annual report. The city-state, where foreigners are over 60% of the population, gained its first position and its good results in categories such as experiences and family. The first one measures the quality of life, integration with the local, and how easy it is to find a home, while the second – social life, education and childcare.
However, Switzerland is only 11th in the overall ranking of HSBC due to low ratings in the categories of experiences and family. Although the country with its iconic ski resorts has a good lifestyle assessment, it is only 36th in terms of integration with local people and the creation of friendships.
The country with over 2 million foreigners is also a good place to raise children but is 44th out of 46 places in terms of social life and its hospitality in terms of diversity.
Overall, moving abroad brings financial benefits, as immigrants raising their income by an average of 25%, according to the HSBC survey, which was made up of over 275,000 people in 159 countries and territories.