The Banking Executive Magazine, Issue 154, October 2021

The UAE has been ranked among the top five best places to live and work, according to a new survey released by HSBC. The country has climbed ten spots to rank fourth out of 48 markets glob- ally, with most expatriates feeling positive about life in general and ex- pecting better personal finances as well as work-life balance. Overall, Switzerland took the num- ber one spot, followed by Australia in the second position and New Zealand in the third place. Two other Gulf States made it to the top 10 ranking, including Bahrain (8th place) and Qatar (10th place). HSBC’s Expat Explorer 2021 is the latest edition of the bank’s long-run- ning study that covers more than 20,000 expatriates. It seeks to exam- ine the lives of those who have relo- cated abroad, offering insights into what expat living is like. OPTIMISM In the latest update, the vast majority of expats in the UAE (82 percent) said they feel optimistic that life will be more stable and normal again in the next 12 months despite the global pandemic. The figure is higher than the 35 percent global average. More than half of UAE expats (53 percent) are also expecting an in- crease in their income, while 57 per- cent are expecting a better work life balance. According to Abdulfattah Sharaf, HSBC UAE CEO and head of inter- national, the country’s focus on inno- vation, infrastructure, quality of life, diversity and inclusion have made the UAE a destination of choice for businesses and professionals. “The UAE being billed among the top five best places to live and work globally is inspiring and a clear indi- cation of the huge potential that drives this country’s economy,” Sharaf said. When asked what motivated them to move to the UAE, 56 percent of ex- pats said they want to improve their earnings, while 49 percent said they want to “progress their career”. Nearly half (43 percent) also cited better quality of life as the main rea- son for choosing to live in UAE. The study also found that the quality of life offered in the UAE is what makes expats stay longer than they had originally planned. Most expats in the UAE (86 percent) said their overall quality of life is bet- ter than their home country. About six out of every 10 expats said they intend to stay longer for that reason. However, a small number (11 per- cent) said the pandemic has changed their plans of staying in the UAE. UAE UAE CLIMBS TO 4TH SPOT AS WORLD'S BEST PLACE TO LIVE, WORK - HSBC SURVEY the BANKING EXECUTIVE 14 ISSUE 154 OCTOBER 2021 82% of UAE expats feel optimistic that life will be more stable, normal again 1. Switzerland 2. Australia 3. New Zealand 4. UAE 5. Guernsey 6. Jersey 7. Isle of Man 8. Bahrain 9. Singapore 10. Qatar THE WORLD’S BEST PLACES TO LIVE AND WORK