The city-state is top of HSBC’s annual Expat Explorer report, which surveyed 22,318 expats about their jobs, salaries and lives overseas.
John Goddard, head of HSBC Expat said: “Expats don’t leave their native homes and jobs, friends and families just for the money. The decision is as much about pursuing new challenges, greater knowledge, new skills and wider life experiences.”
Why it pays to relocate overseas
Getting a job abroad can boost your salary by an average of $21,000, according to the HSBC report – with almost two-thirds of expats globally enjoying a higher income as a result of moving.
More than half (58%) of the expats surveyed said their equivalent job paid more in the new location, with half saying they pay less tax.
Expat earnings in Switzerland average $203,000 a year, which is almost twice the global average. The US ($185,000), Hong Kong ($179,000), China ($173,000) and Singapore ($162,000) complete the top five countries for highest expat earnings.
Biggest salary boost
Switzerland, which ranked eighth overall, has the highest average income in the world and expats see their salary increase by an average of $61,000.
But it’s also among the most expensive places to live on the planet, with Zurich and Geneva topping UBS bank’s list of the world’s most costly cities.
The Economist’s tongue-in-cheek Big Mac Index, to calculate purchasing-power parity (PPP), found a burger in Switzerland costs $6.61 compared to $5.51 in the US, meaning the Swiss franc was overvalued by 18.8%.
Rent on a two-bedroom apartment in Zurich or Geneva comes in at more than $2,000 per month, while groceries will set you back $458 dollars per person, per month.
But despite these high living costs, expats feel financially secure and stay for the long haul.