Recent survey of expatriates state that 80 per cent did not feel the crisis and have no plans to go back home
Even the global economic crisis hasn’t dampened the spirits of expats living in the UAE, as they claim that their finances have improved in 2010.
Twenty five nations were included in an HSBC survey on the financial quality of life for expats and the UAE climbed up one position from last year’s study, landing in fourth place.
Most of those who responded to the survey had confidence in the UAE economy and over 75 per cent claimed they have not felt the pain of the financial crisis directly and have no plans to go home.
The four major factors in the HSBC survey included more than US$200,000 in annual income, more than US$3000 in disposable monthly income, a higher amount of savings in the residing country and two or more luxury items at their residence.
The UAE landed at sixth place for assets, eighth place for income, sixth place with regards to disposable monthly income and fourth place for luxury items across the globe.
There were common advantages that UAE expats enjoyed including more cars (63 per cent of expats in the UAE had them compared to only 29 per cent overall) and more exotic travel (57 per cent of UAE expats enjoyed this compared to 46 per cent overall). They had more extensive properties (58 per cent as opposed to 50 per cent overall) and more domestic workers (57 per cent as compared to the 37 per total).
It was also reported that the taxes paid by expats were well below the rate they would have paid in their birth country, as was true for 94 per cent of expats in the UAE.
UAE’s expatriates are also saving more of those increased salaries, as 79 per cent stated they have more money in savings since going abroad compared to only 61 per cent of those surveyed worldwide.
All of the G7 nation’s economies were ranked below the UAE, including the United States, France, Germany, Switzerland, Australia, Canada, Singapore and the United Kingdom. Those that ranked higher than the UAE included Russia, Saudi Arabia and Barhain.
Expats have felt the economic crisis in the nation, as 77 per cent noted that the economy has dampened over the last twelve months.
Twenty five per cent of respondents felt there were less opportunities for career advancement in the nation and ten per cent of those who felt the economy was not improving were planning to head back home.
The majority of UAE expats were positive though and 81 per cent reported they felt no direct impact and are planning to stay and work in the UAE.
About 73 per cent of those surveyed mentioned that they went abroad in search of career and income potential.
Other nations are becoming attractive to expats, including Brazil, India, China and Russia, due to the success of expats there over the last few years. Higher earnings, more career choices, a positive economic future and more opportunity to save are drawing people to these nations.
The survey was conducted online from April 26 through until June 7 of this year and expatriates from more than 100 countries across the globe were involved.Paul Holdsworth, Staff Writer, Gulf Jobs Market News