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Latest News
backNew Zealand tops Quality of Life Index for UK expats
- Despite the global economic downturn affecting expats, nine in ten (98%) say they made a good decision when deciding to move abroad
- More than six in ten expats (63%) left the UK with less than £5,000 in savings - 64% now have a net worth between £250,000 and £1 million
- New Zealand tops the list for quality of life for expats, standard of living and cost of living abroad
UK expats have revealed that dissatisfaction was the main reason for moving abroad, according to the results of a global study of expatriate opinions and attitudes.
The latest NatWest International Personal Banking (NatWest IPB) Quality of Life Index* undertaken in conjunction with think tank, Centre for Future Studies, surveyed British expatriates from across the world. More than 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
New Zealand Tops Quality of Life index
Of the countries surveyed, New Zealand was rated top of the table by expatriates surveyed for its quality of life experience, rating above all others and scoring the highest mark. New Zealand has knocked Canada off the top spot, the country that was rated top for quality of life in 2008. Singapore and Hong Kong, despite being abundant in wealth, came at the bottom of the rankings.
2009 Quality of Life Index
- New Zealand
- Canada
- Australia
- France
- United Arab Emirates
- Portugal
- Spain
- South Africa
- USA
- China
- Singapore
- Hong Kong
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%.