Switzerland ranks as best destination for expats

05 Jul 2019

foreignersSwitzerland has ranked as the top destination for expatriates, replacing Singapore for the desired spot, Business Standard reports.

According to a study by HSBC, Switzerland was listed as the best pace to live and work, jumping from No.8 in 2018 thanks to its earning potential and stability.

The country has also been praised for being a family-friendly location that is well suited for raising children and choosing as your long-term home, while also offering great career options due to being home to some of the biggest private banks, commodity traders and pharmaceutical companies.

The study also revealed that the average Swiss salary, being $111,587 is 47% more than the $75,966 mean pay package registered across the 33 nations surveyed by HSBC. Furthermore, seven out of 10 expats said that they had more disposable income after moving to Switzerland.

On the other hand, Switzerland’s rankings for making friends and providing a sense of fulfilment were not among the highest, placing 24th and 31st respectively.

When speaking in a Bloomberg Television interview, John Goddard, head of HSBC’s expat unit said: “Expats are increasingly looking at more than just the financial returns they get from moving to a new market.

“They’re looking at work-life balance, the general environment in which they want to bring up their children, they’re looking at safety, and Switzerland marks really well against all those different categories.”

Meanwhile, Singapore dropped to second after placing first for four consecutive years, while Turkey and Spain’s ranking shot up. Turkey’s ranking skyrocketed from 22nd to 7th as a result of its welcoming communities and life made easy for expats, while Spain shot up nine places to 4th due to its quality of life and high ranking for physical and mental well-being.