As the South China Morning Post reports, Hong Kong is the best place in the world for expats to advance their careers, but it ranks behind Singapore and Taiwan as a place to live and work, according to a survey.
The poll, conducted by the research firm YouGov and commissioned by HSBC, sought views from more than 21,000 expatriates from 198 countries over three months earlier this year. They were asked how they felt about the country or territory they were working in.
Hong Kong emerged as a great career choice, with more than two-thirds of expats questioned declaring that “Hong Kong is a good place for career progression”. The average salary of Hong Kong expats questioned was more than US$176,000 per year, about US$70,000 above the global average.
Yet other factors, such as quality of life and ease of raising a family, held the city back. Overall it finished 11th, ranking behind Singapore in first place and Taiwan in eighth.
Singapore beat Hong Kong in all three main categories: economics, experience and family. Some 80 per cent of expats in the Lion City reported feeling confident about its economy, while 60 per cent said their children were healthier.
Mainland China, meanwhile, ranked 27th in the survey,- putting it behind Saudi Arabia and Vietnam. New Zealand and Sweden took second and third places respectively, with Bahrain and Germany rounding out the top five.
As China.org.cn reports, China created 1 million new millionaires last year as the country's booming stock market bolstered the ranks of the wealthy, according to a global wealth report released on Monday.
The US maintained the largest number of millionaires last year at about 6.9 million. China was in second place with 3.6 million, followed by Japan with 1.1 million, according to the Global Wealth 2015: Winning the Growth Game, released by The Boston Consulting Group.
For the first time, Asia Pacific (excluding Japan) passed Europe in wealth, totaling $47.3 trillion to $42.5 trillion, the report showed. It predicted that the Asia-Pacific region will probably become the richest region in the world next year with an estimated $57 trillion of private wealth, surpassing North America's projected $56 trillion.
"When it comes to wealth, Asia is the place to be," said Federico Burgoni, partner and leader of BCG's asset and wealth management segment in the Asia-Pacific region. "China and India are speed driving the growth in Asia Pacific, but Indonesia and Thailand are also producing growth.
The report said current political and economic tensions, such as those in the Middle East and Latin America, continue to spur the wealthy to seek offshore locations to manage their wealth. As for offshore wealth booked in Asia Pacific, Singapore (31 percent) and Hong Kong (15 percent) remained the top destinations.
BCG said Switzerland will need to reinvent itself to turn back the threat from fast-developing Asian booking centers as preferred global locations for offshore wealth.
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