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Discuss this article (3 Comments)Middle East top financial destination for expats
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 24 June 2009
MONEY TALKS: Expats say they earn more and save more living in the Middle East than at home. (Getty Images)
The Middle East region has been named the top financial location for expatriates, according to a survey by HSBC Bank International.
The survey ranked Qatar as the second best place for expats to earn and save money amid the global economic crisis, followed by Saudi Arabia in third place and the UAE ranked fifth.
Only Russia scored higher, with a greater number of expats saying they saved more, had a higher annual salary and a greater disposable income.
Related: Intro for Expat Power 50
The survey, called Expat Explorer, found that 87 percent of UAE respondents said they had noticed a marked increase in their monthly disposable income after moving to the country.
More than half said their monthly disposable income was more than $3,000.
Attitudes to spending have changed among expats in the UAE with more than half saying they were now looking more closely at their finances.
However, two-thirds of expats in Qatar said their attitude to spending had not changed as a result of the economic crisis.
The survey, the largest of its kind, questioned more than 3,100 expats in over 50 countries.
“As the world continues to undergo a significant economic shift, we are seeing some interesting patterns amongst the expat population, particularly in the changes to their spending habits,” said Paul Say, head of marketing and communications for HSBC Bank International.
“Despite the downturn UAE expats continue to enjoy a good standard of life and are able to continue to save which is a great advantage in the current economic climate.”
READERS' COMMENTS
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I AGREE,
Posted by SYED, Sharjah, UAE on Friday 26 June 2009 at 00:51 UAE time
Yes expats definately save money here, even though it might be a small percentage. My friends comments otherwise, may i ask them why are they here then. (Fumbled ,''no answer'') (at least a convincing one). Yes western expats do earn more, hence saving their saving potentials are higher in comparison to an asian. Why do we always have to be critical of any report published..
Posted by SYED, Sharjah, UAE on Friday 26 June 2009 at 00:51 UAE time
Yes expats definately save money here, even though it might be a small percentage. My friends comments otherwise, may i ask them why are they here then. (Fumbled ,''no answer'') (at least a convincing one). Yes western expats do earn more, hence saving their saving potentials are higher in comparison to an asian. Why do we always have to be critical of any report published..
Agree with Rent Surveyor
Posted by Friend, Fujairah, UAE on Thursday 25 June 2009 at 13:47 UAE time
I agree with you 100% Rent Surveyor. I am surprised to know UAE has been mentioned here as a place for saving money. If that is true, then tomorrow if sun rises from the west, dont be surprised.
Posted by Friend, Fujairah, UAE on Thursday 25 June 2009 at 13:47 UAE time
I agree with you 100% Rent Surveyor. I am surprised to know UAE has been mentioned here as a place for saving money. If that is true, then tomorrow if sun rises from the west, dont be surprised.
Which sort of Expats ?? Western Asian Middle Eastern ? Specify
Posted by Rent Surveyor on Thursday 25 June 2009 at 09:03 UAE time
I guess this is only true for the western expats as when they get a job they get an all in all package with the entire income at their disposal. Paid children school fees, paid accommodation, paid transport, paid telephone expense. Ofcourse you expect these people earning 50000 dhs a month able to spend 8000 dhs easily and without any taxes. What about expats earning 1000, 4000, 8000 or 20000 dhs. ?? Mate HSBC wake up ... !!!
Posted by Rent Surveyor on Thursday 25 June 2009 at 09:03 UAE time
I guess this is only true for the western expats as when they get a job they get an all in all package with the entire income at their disposal. Paid children school fees, paid accommodation, paid transport, paid telephone expense. Ofcourse you expect these people earning 50000 dhs a month able to spend 8000 dhs easily and without any taxes. What about expats earning 1000, 4000, 8000 or 20000 dhs. ?? Mate HSBC wake up ... !!!
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