Expats suffer in US and UK — best paid in Asia

[Naveed Yaseen]

* One in 4 foreigners in Asia earning more than $200,000 a year

Daily Times Monitor

LAHORE: Some of the world’s highest-paid expatriates live in Asia and the Middle East. One-third of the foreign workers in Russia earn more than $250,000 a year, followed closely by expats in Japan and Qatar, according to a survey, commissioned by HSBC Bank International.

Between a third and a quarter of foreigners working in Hong Kong, the United Arab Emirates, Thailand and India earn annual wages of more than $200,000. Also, Malaysia, China and India, were among the cheapest for accommodation. “Asia is home to the highest paid expats in the world, with one in four expats earning more than $200,000 a year,” the survey said.

Russia was ranked first overall for expats in terms of wealth. The rest of the top nine countries were all in Asia and the Middle East. Saudi Arabia, Russia, Qatar, India and the UAE were the top five countries where people had increased their savings. The global economic crisis has taken a heavy toll on expats in Britain and the US with nearly 25 percent considering returning home due to high costs of living, lack of savings and low wages. Generous salaries are also relatively scarce in Australia and Belgium. More than 60 percent of expats in both countries earn under $100,000. More than 3,100 expats from various nationalities living in 26 countries were surveyed, HSBC said. More than two-thirds said the credit crisis had changed the way they spent money. More than half of the expats in Japan said they were cutting back on holidays and other perks. Thailand and Hong Kong were also scaling back. In contrast, two-thirds of expats living in Qatar said the global financial crisis would not change their spending patterns at all. Expats in Saudi Arabia, Brazil and Russia were also unlikely to cut back on luxuries. Those polled in the survey had an annual income in excess of $200,000; a monthly disposable income in excess of $3,000; an increase in savings while working abroad and owned at least two luxury items. The survey was conducted between February and April 2009.

http://www.dailytimes.com.pk/default.asp...009_pg7_37