New Zealand tops quality

New Zealand tops quality of life index for UK expats

New Zealand tops the list for quality of life for expats, standard of living and cost of living abroad, according to the latest NatWest International Personal Banking (NatWest IPB) Quality of Life Index. Undertaken in conjunction with the think tank Centre for Future Studies, the report surveyed British expatriates from across the world.

1. New Zealand
2. Canada
3. Australia
4. France
5. United Arab Emirates
6. Portugal
7. Spain
8. South Africa
9. USA
10. China
11. Singapore
12. Hong Kong

Despite the global economic downturn affecting expats, nine in ten (98%) say they made a good decision when deciding to move abroad.

Six out of ten (62%) said that feeling dissatisfied led them to move abroad; however, it appears that nearly all are feeling the benefits. More than eight out of ten (86%) feel their lives abroad are better than expected, with more than nine in ten (92%) saying that they are happier living abroad than they were at home.

Financially better off

The report also revealed that overall more than seven out of ten expats (78%) now earn between £50,000 and £85,000 a year, indicating that the financial benefits of working abroad are still huge. The majority of UK expats (38%) rate their net worth between £250,000 and £500,000, with more than a quarter (26%) having a net worth between £500,000 to £1 million. Yet six in ten (63%) left the UK with less than £5,000 in savings.  It is therefore not surprising that 87% of expats still believe that despite the economic downturn spreading globally, they are financially better off.

Dave Isley, Head of NatWest International Personal Banking, comments, “Our latest UK expatriate study has revealed that despite the global slowdown affecting everyone, the potential to earn more money abroad is clearly one of the main benefits that UK expats are experiencing. The fact that this study has indicated that most UK adults leave the country with less than £5,000 in cash, but that their net worth abroad is largely between £250,000 and £1 million is impressive and should not be underestimated.”

Quality of Life

As a result of higher incomes and a positive attitude to living abroad, UK expats rate the quality of life (39% of expats stated this was the main benefit), standard of living (28% of expats) and cost of living (17% of expats) as the top three factors that convinced them that they made the right decision to move abroad. And despite one of the main reasons to move abroad being prompted by their employer (47% stated this was their main reason), the majority of UK expats (53%) took the initiative and made the move on their own. The findings also show:

• 91% believe they have a better quality of life in the country they currently reside in
• 90% of expats consider themselves to be better off financially now they are abroad
• 68% say they live healthier lifestyles abroad
• 61% say the cost of living abroad is lower than at home

Expats in New Zealand rated it highly across almost all life experience factors, including income and at the same time out of all the countries surveyed it had the lowest cost of living. It has one of the lowest property values – equivalent to just £111,000. The favourable tax regime also means that expats money goes further in New Zealand, with the highest tax band at 39%.

Expat income tax comparisons:

Source: Centre for Future Studies

Dave Isley comments: “UK expats say they are living healthier lifestyles abroad, whilst also benefiting financially. This is particularly true for UK expats in New Zealand who not only say they benefit from low property prices, a favourable taxation system and a healthy lifestyle but also the beauty of New Zealand’s natural environment.”

For further information on NatWest International Personal Banking visit: http://www.natwestinternational.com

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