Survey finds expatriates in Asia best paid

Want the good life despite the dire economy? Head East, according to a survey showing some of the worlds highest paid expatriates live in Asia and West Asia. One-third of all expats in Russia-the highest proportion in the world-earn at least $250,000 (around Rs1.2 crore) a year, followed closely by expats in Japan and Qatar, according to the 2009 Expat Explorer survey, commissioned by HSBC Bank International Ltd, the offshore financial services arm of HSBC Holdings Plc, a private news channel reported.

Between one-third and one- quarter of foreigners working in Hong Kong, the United Arab Emirates, Thailand and India earned annual wages of at least $200,000, while countries such as Malaysia and China were ranked 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 per year, said the survey.

Russia was ranked the No. 1 country overall for expats in terms of wealth. The rest of the top nine were all in Asia and West Asia. Building a nest egg is one of the perks of expat life for many people, and the survey showed that Saudi Arabia, Russia, Qatar, and the United Arab Emirates were the top four countries where people have increased their savings. But the global economic crisis has taken a heavy toll on expats in Britain and the US, where close to one-quarter are considering returning home, compared to just 15% overall, due to the high cost of living, lack of savings and lower wages.

Generous salaries are also relatively scarce in Australia and Belgium, the survey showed. At least 60% of expats in both countries earn under $100,000, making them the poorest expats wage-wise when compared with a global average of 35%. Expats in Saudi Arabia, Brazil and Russia were also the least likely to cut back on luxuries, the survey showed.

Those polled in the survey were chosen by four main criteria: annual income in excess of $200,000; a monthly disposable income in excess of $3,000; an increase in saving while working abroad and having at least two luxury items in the country they live in.

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