Expats bank bigger salaries than their colleagues at home

Ex pats are consistently banking bigger pay cheques than colleagues doing the same job in their home country, according to a global earnings report.

Even in countries with weaker economies, ex pats have more earning power, according to the research by HSBC Bank.

Top of the league for 2011 are Saudi Arabia, Singapore and Egypt.

Each country employs high numbers of ex pats – mostly in banking or financial services (36%, 35% and 33%).

Career prospects were the main reason for ex pats taking their post (85%, 62%, 57%).

Ex pats told the bank study that building wealth and financial security were the key factors in their decision to leave their homes for Saudi Arabia. Those in Singapore were seeking a better environment for personal development rather than personal wealth.

Ex pats living in Saudi Arabia and Singapore felt their new homes had strong economies and good prospects to improve over 2012. Ex pats in Egypt were more concerned about the economy and political stability following the fall of President Mubarak and social changes sparked by the Arab Spring.

Nevertheless, around one in three ex pats in each country is considering a move.

Many ex pats also feel their personal finances have become more complicated after their move, the survey also disclosed – especially in Middle Eastern countries.

Seven out of 10 expressed problems managing their finances arising from moving money between countries, country exchange fluctuations and complex personal tax arrangements.

The countries where ex pats have the most financial problems are the USA (82%), Germany (82%), Switzerland (81%), India (81%) and Brazil (81%).

Coincidentally, with the exception of Brazil, ex pats in these countries are the least likely to hold an offshore bank account.

Ex pats in Thailand (88%) South Africa (85%) and Vietnam (80%) are most likely to hold offshore accounts and are less likely to return to their home country.