India is among the top 10 countries in the world in terms of expat quality of life, as lower living costs and good perks for families make the country an attractive expat destination, says an HSBC report.
India was ranked ninth on the Expat Explorer overall league table, which was topped by Switzerland, followed by Singapore and China in second and third place, respectively.
Many expatriates (expats) in India said they were able to benefit from cheaper living costs and they find the country a great destination for bringing up a family.
The report noted that many expats in economies like Brazil, Turkey, or India were sent by their company, highlighting a trend for corporations to take advantage of these growth hotspots by relocating their employees abroad.
Interestingly, 60 per cent of expat respondents living in India and China agreed that their host country is getting better as a place to live and work.
Others in the top 10 expat destinations include, Germany (fourth), Bahrain (fifth), New Zealand (sixth), Thailand (seventh), Taiwan (eighth) and Hong Kong (10th).
India was ranked sixth in the ‘Raising Children Abroad’ league tables. Around 44 per cent of expats said that the cost of raising children in India is lower than in their home country.
Besides raising a family, many expats in India also reported greater savings on everyday expenses and a better work/life balance when compared to their home countries.
However, four in ten expats in India said local work culture was “difficult to get used to”.
“India is fun, exciting and varied – and that can sometimes mean challenging too,” an expat in India told the survey.
In terms of expat-salaries, Asia dominated the list, with an average annual expat wage of $ 120,000, way higher than the global average of $ 92,000.
In terms of top economic concerns for expats, more than a third (35 per cent) said job security posed the greatest risk to their financial wellbeing, followed by the state of the local economy (33 per cent) and the health of the global economy (27 per cent).
When looking at why expats are taking the plunge to move abroad, this year the most frequently cited reason was to improve career prospects.
For those looking for better job prospects, the Middle East remains the place to be. Around two in three expats said they moved to Kuwait, Qatar and Saudi Arabia for better job prospects, the report said.
The study was commissioned by HSBC Expat and conducted by third party research company YouGov, who surveyed 9,288 expats through an online questionnaire.