Aussies expats out-earning their peers
Australians working overseas are enjoying higher wages than their global peers, according to research by HSBC.
The HSBC Expat Explorer research, which surveyed 5,339 expatriates from nearly 100 countries worldwide, found 38 per cent of Australian expats were in the highest income bracket (ie, over US$100,000) - which is higher than the global average of 25 per cent.
However, only half of Australians move abroad because they expect more money (compared to the global average of 56 per cent).
Ninety-one per cent of Australians reported they wanted to experience the host country's culture, and 61 per cent thought their host country would be a more interesting place to live, according to the research.
HSBC Australia head of retail banking and wealth management Graham Heunis said the rising middle class in Asia (set to hit 1.7 billion people by 2020) will see the goods and services required in the region to expand rapidly.
"If Australians are to capture this commercial opportunity, they will first need to understand the market and business culture," Heunis said.
"Clearly, Australia's future is tied to Asia and as we work towards further integration in the region, I expect to see the number of Australians heading to Asia increase," he added.
Despite earning higher salaries than the global average, 21 per cent of Australian expats said their financial position had worsened since moving abroad (compared to the global average of 11 per cent).
According to Heunis, the poorer position "most likely reflects the currently strong Aussie dollar negatively impacting the value of their salaries if repatriated back to Australia in the current conditions."
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