Expats And Overall Satisfaction Relocating Overseas
For anyone who has ever considered relocating to another country to work or reside, you may have heard the term expats. To put it in simpler terms an expat is basically someone who leaves their native place of residence to live and work in another. Additionally, the term expatriate is defined as someone who withdraws themselves from residency of their own country to relocate to another.
In recent years, an increasing number of expats have been found in Southeast Asia, citing improved economic conditions, a higher level of satisfaction in living situations and overall happiness. More specifically, the country of Thailand is a top choice for expats.
So, what’s all this mean in the long run and what does this say about developed countries that previously were considered stable and had a higher standard of living?
It’s possible that those who have decided to relocate to other countries may in fact have found the hidden treasure, the elusive pot of gold at the end of the rainbow.
According to an HSBC study of expats and trends over the past few years, Thailand tops the list with those who have relocated finding a 76% increase of overall happiness and disposable income. In fact, Southeast Asia has become home to the highest paid expats in the world. If you think those who choose to relocate to Asia are only from neighboring countries, think again.
Expats from the United States have found living in Southeast Asia as an experience with no regrets. With a modernized infrastructure, beautiful beaches and the opportunity for a healthy social life, respondent’s say cities like Bangkok, Thailand are an expats dream come true. So yes, there may be a hidden oasis out there and some of the highest earners in the world may have found it in Southeast Asia. Indonesia ranks as having the highest proportion of expats whose income exceeds $250,000. Not a bad income considering just five years ago, Indonesia’s minimum wage sat at around $100.00 per month.
HSBC’s Expat Experience takes a look at some of the qualities expats look for when deciding to relocate. The study also compiles data and facts of living experiences, cultural adaptability and overall satisfaction of these people. It looks at stats like healthcare, work-life balance and opportunities in sports as well as recreation.
Expats who have chosen to work and live overseas have found different countries abroad to possess certain characteristics that make them stand out more than others. For example, Germany was voted as the top country to raise children for expats and Singapore as the safest for children of relocating families.. While Asia remains the top country expats choose to live, it lists lower on the list of ease of family living.
All of this may sound a bit confusing, especially for someone who has never considered relocating from their original place of residency, but there does look to be an ongoing trend of those in developed countries moving to developing countries.
Currently, Thailand according to HSBC bank’s expat experience study ranks number one for expats choosing to relocate. Ironically, cities within Southeastern Asian cities were considered unsafe and much less desirable than they are presently. However, in recent years, these cities have become a mecca for not only business folks and entrepreneurs but also families from developed countries. Improvements in living situations in cities like Thailand may very well be a product of the influx of higher earning expats choosing to relocate.
Expats who previously chose countries like China to set up business and live are now seeing Asia as a much more desirable and profitable place to live. While cities in Asia still have a relatively low cost of living compared to more developed countries, cost associated with housing, office space and general living expense benefit those who arrive from countries with a higher cost of living.
This article briefly touches base on expats and the benefits of relocating to Asia and other neighboring countries to live, work and thrive. With a better standard of living, health benefits and opportunities to succeed as top reasons for people choosing to relocate to Asian cities, it appears that these cities will remain to be a place many new expats focus on to raise families and prosper. With this said, expatriates will remain to stand center stage for some time to come.