People looking to move abroad have various priorities when it comes to taking that international first-step. According to HSBC’s Expat Explorer 2018, for expats in the UAE, these priorities include bigger salaries, career growth and greater quality of life, respectively.

Aspirations meet reality here as a fifth of expats in the UAE say their salaries have at least doubled since they moved to the UAE, with an average annual expat salary of $155,039 – outranking top international destinations such as Japan or Australia.

Now in its 11^th year, HSBC Expat Explorer 2018 surveyed 22,318 expats from 163 countries, assessing their levels of fulfilment – be that financial, professional, personal – through three key themes of economics, experience, and family.

The UAE climbed one place from last year to rank 4th best country globally for economics, which covers themes such as personal finance, disposable income, economic confidence, entrepreneurship culture, career progression and work life balance. 67% of UAE expats say they have more disposable income thanks to higher earnings and the tax-free environment.

Opportunity of a lifetime

Marwan Hadi, Head of Retail Banking and Wealth Management, HSBC UAE said: “We are seeing an interesting dichotomy among UAE expats. 85% say they are able to build up their savings and pay off debt, yet 93% are not fully aware of or have explored their financial options. It’s clear many are missing the opportunity to make their wealth work for them.”

UAE expats have a tremendous opportunity with higher earning potential, and with the right financial planning they can ensure their legacy abroad lasts a lifetime, and beyond.

Buying property (48%) and saving for retirement (53%) are the top two investment priorities for expats in the UAE. 17% own a property in the UAE but a typical expat keeps only a fifth of their wealth in the UAE.

“Traditionally, expats have channeled most of their investments outside the UAE often to their home country. However, the recent announcement by the UAE Government to afford special residency-visa privileges for expat retirees has certainly paved the way for more to consider their long-term plans in the UAE. Already two-thirds (66%) live here for more than five years, and as expat-friendly reforms come forth, we might see more expats settling their roots down here.”

Better quality of life

While higher earning potential may bring UAE expats here, the career prospects, working culture and overall quality of life is what makes them stay.

“Life is better” here according to half of UAE expats who believe they enjoy a healthier work/life balance. 49% stay because of the quality of life the UAE offers.

49% say they experience a better working culture than back home, however, around the same amount believe that their working environment is stressful and intense; 40% say that they work longer hours. Despite these sentiments, over 70% of expats would recommend the UAE to someone looking for a new life abroad.

“Both the public and private sector in the UAE are adopting progressive flexible-working concepts, proven to improve employee productivity, job satisfaction and well-being. At HSBC, we created a modern workplace fit for the future with our new UAE HQ, that gives our employees the choice and flexibility of when, how and where to work,” said Mr Hadi.