HSBC Survey Reveals Extra Income and Improved Quality of Life in the U.S. Drives Expat Job Seekers
17 July 2019 - 11:00PM
Business Wire
Annual Expat Explorer Research Study Shows
Internationals Flock to the U.S. for Career Progression and an
Increase in Income
Expats flock to the U.S. for career opportunities and high
income, according to the new Expat Explorer survey released today
by HSBC Bank USA, N.A., (HSBC), part of HSBC Group, one of the
world’s largest banking and financial services organizations.
Nearly half of those surveyed (49%) say that they chose to come to
the U.S. to progress their career, which is higher than the global
average of 36% and much higher than our neighbor Canada, at only
20%.
In the U.S., almost all expats (92%) said they’ve had the chance
to develop new skills since the move. More than half (57%) report
being more confident at work and nearly two-thirds (61%) say they
are more adaptable.
“Whether through choice or circumstance, moving to a new country
brings a host of exciting and often life-changing opportunities,”
said Paul Mullins, Regional Head of International Banking for HSBC
in the U.S. and Canada. “Our research shows that people don’t just
move to the U.S. for career opportunities — they stay because of
them too.”
The most popular reason that overseas professionals choose to
stay in the U.S. longer than originally planned is to continue to
progress their career (49%). As such, more than half (53%) plan to
be in the U.S. for 11 or more years. This could also be in part due
to 73% being employed full-time, compared to the global average of
64%.
Moving to the U.S. is Paying Off
In the U.S., more than 6 in 10 (64%) of those who relocated here
see their income increase, while just 9% have seen a decrease. Six
percent of those surveyed earn between $300,000-349,999 a year, the
highest percentage of any country in the survey. At $137,826, the
mean annual earnings in the U.S. is the highest of any country or
territory in the survey and far higher than the global mean of
$75,966.
Money Helps
Money can’t buy you happiness. However, according to those who
move to the U.S., it helps. Nearly 7 in 10 (68%) agree that the
country offers fantastic job opportunities, and 69% agree that it
has a vibrant cultural scene with events and exhibitions.
And 63% say their quality of life has improved because they can
now afford nicer things such as cars, a bigger house, more clothes
and devices.
The U.S. beats the global average for several key measures of
home ownership for those who relocate abroad. For example, 43%
agree that property in the U.S. is affordable, compared to a global
average of 35%.
“While real estate may be more affordable in the U.S.,
establishing roots isn’t easy. There’s a lot to consider when
moving to a new country, regardless of if it’s your first time
abroad or you’re a seasoned traveler,” said Mullins. “HSBC’s
professional bankers and advisors thrive on helping expat and
international customers face big challenges associated with living
abroad, such as having financial commitments in both their home and
host countries, juggling finances in different currencies, moving
money to family abroad, having more money to manage and dealing
with complex tax situations.
As the world’s leading international bank, we are committed to
helping these customers better understand their finances and make
planning for a future abroad simple,” Mullins added.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through retail banking and wealth management,
commercial banking, private banking, and global banking and markets
segments. It operates bank branches in: California; Connecticut;
Washington, D.C.; Florida; Maryland; New Jersey; New York;
Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the
principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of
HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of
FDIC. Investment and brokerage services are provided through HSBC
Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance
products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group,
is headquartered in London. The Group serves customers worldwide
across 66 countries and territories in Europe, Asia, North and
Latin America, and the Middle East and North Africa. With assets of
$2,659bn at 31 March 2019, HSBC is one of the world’s largest
banking and financial services organisations.
About Expat Explorer
The Expat Explorer survey was open to adults over 18 years old
currently living away from their country of origin/home country.
The survey was completed by 18,059 expats from 163 countries and
territories through an online questionnaire in February and March
2019, conducted by YouGov and commissioned by HSBC Expat. A minimum
sample of 100 expat respondents is required for a country or
territory to be included in the league table, with 33 qualifying in
2019.
Expat Explorer online:
Report and country comparisons:
https://expatexplorer.hsbc.com/survey/ Twitter: @expatexplorer
Facebook: /hsbcexpat Expats’ ratings of 33 host countries are
available to explore online through the Expat Explorer interactive
tool.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190717005434/en/
Matt Klein Head of Communications Retail Banking and Wealth
Management, HSBC USA 212 525 4644 matt.klein@us.hsbc.com
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