Where the worlds richest expats live

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Wednesday, 01 July 2009 16:17

The world’s richest expats live in Russia

If you want to make money in a foreign country, the place to go is Russia. A new survey has found that the country is home to the “wealthiest expats in the world.”
A third of all expats in Russia — the highest proportion in the world — earn more than $250,000 per year. Almost half reported an income of $200,000 per year or more, according to the survey commissioned by HSBC Bank International.

The survey, released in late June, investigated the financial circumstances of 3,100 expats living in 26 different countries. Rankings were based on a series of interrelated factors, items such as annual income, disposable income, savings and expenditure on luxuries.

By any standard — and especially given the global financial crisis — Russia's expats live well, the survey established.

Almost 60% of respondents say they have $4,000 or more every month in disposable income. This is the second-highest proportion in the world. Seventy percent earn enough to be able to employ at least one person as domestic staff. This is substantially higher than the global average of 48%.

When comparing their lives in Russia with their lifestyles back home, 97% say they currently have more disposable income. The same proportion said they were saving and investing more money than they did when they lived in their home country.
Almost three-quarters, however, of expats in Russia said the global crisis had affected their spending habits. Nevertheless, a large majority — 83% — said they had no intention of returning home.

Recruitment specialists said the numbers came as no surprise, even with a financial crisis that has seen both top executives and rank-and-filers take substantial pay cuts.

“There is a massive lack of competition here in Russia in nearly every sector,” said Luc Jones, a partner at the Antal recruiting agency. “Back home, it's much harder to differentiate yourself, while here you can stand out.”

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