Every generation there are individuals who leave the comforts of their native land and seek their fortunes in the great world. Drawn for any number of reasons beyond their borders, these expats make their homes across the world, assimilating into the cultures of these foreign places while maintaining a sense of comfort and home. Constantly changing, the place where these expats end up is a result of many things, including economy, opportunity, and stability.
In recent years, Singapore has grown on the list of most popular destinations for expats from around the world. With a city/country population consisting of more foreigners then Singapore born individuals, Singapore is the most diverse city on the planet. This year, it has also ranked as the top destination in the world for expats. So, what is it about Singapore that is drawing expats to the country? Lets take a moment to find out.
1. Career Opportunities
The #1 ranking came from an HSBC survey. However, the ranking is matched in several other polls that look at places where expats favor. In each of these poles, Singapore manages to beat out traditional favorites, including Australia, New Zealand, Canada, and Switzerland. One reason why people love Singapore is because of its career opportunities. More then 87% agreeing that it is a great place for entrepreneurs. Along with a simple to work with government, Singapore is used to being a western trading hub for companies looking to get into the markets surround the country. As a result, there are countless offices in the area that are maintained by international companies.
2. Lifestyle Opportunities
Along with career opportunities, Singapore offers a wide range of lifestyle opportunities as well. Lets start off with the bad. It is true that Singapore charges a lot for living in the country. However, many people that travel to and live within the country find that the services are well worth the cost. The education alone in the city provides innumerable opportunities for children and parents. In addition, while expensive, expats report having a 64% higher disposable income amount then in their last country. So, while life may be more expensive, the opportunities made available are definitely worth it.
3. Economic Opportunities
As stated before, Singapore acts as a gateway for western companies. With countless business opportunities and options, it is no wonder that 79% of expats are confident in the economy. Coming at a time where there is great instability world wide, it is incredible for any one place to receive such high ratings. One thing that helps boost this rating is Singapore’s recent 7th place Spot On Global Innovation Index. Combine this with more then 60 years of being business friendly and providing an avenue for trade between companies in the area, and it is no wonder that the city continues to thrive even when major economies in the region begin to contract and slow down. Along with a forward looking directive and constant investment into innovation, the Singapore government has again and again reiterated the strength of its economy through sound government practice.