The quickest way to earn between $200,000 and $300,000 a year is to become an expatriate in Asia.
And Australians working in Asia are the highest earning expatriates in the world, according to HSBC’s global Expat Explorer survey.
“Asia is becoming the salary sweet spot for expats and Australians are there en masse,” HSBC says.
The in-demand jobs are in banking, finance, education and Information Technology.
The results of the survey, conducted by research company YouGov, are classified into Economics, Experience, Raising Children and Expenses.
Nearly 9,300 individuals from 100 countries shared their insights about life as an expatriate.
More Australian expats are choosing to live in Asia than expats from other countries, according to Expat Explorer.
The survey shows one-third of Australians abroad live in Asia, across 10 countries, compared to the global average of 13% expats in Asia.
Elsewhere, 31% of Australians currently reside in the UK and 9% in North America.
Asia’s higher salaries and lower living costs means that expats there are the highest income earners.
According to the survey, there are more expats in Asia in the higher income bracket than expats in other markets – 14% in Asia compared to 5% in Europe – and the higher proportion of Australians in Asia compared to those there from other countries has resulted in Australians being the top-earners globally.
The survey shows 30% of Australians boasting remuneration packages in excess of US$200,000 a year. compared to the global average of 21% for expats.
Graham Heunis, Head of Retail Banking and Wealth Management for HSBC in Australia, says people go where the growth is.
“With benign economic conditions in the UK and US over the past few years, it’s no surprise that career-oriented Aussies are flocking to fast-growing markets in Asia,” he says. “Swapping London and New York for a life in Shanghai and Singapore is certainly paying off for Australians abroad.”
China has the highest income growth potential for expats. It ranks first in the Expat Economics league tables, with nearly a quarter (24%) of expats earning more than US $300,000.
Of the Australian expats surveyed, 6% are in China compared to 1% of expats globally.