54% expats confident about building personal wealth in India
More than half of the expats living in India are confident about building their personal wealth during their stay in the country, a survey has revealed.
Lower cost of living here compared with their home countries ensures that they have more disposable income than they did in their home country, according to a survey by HSBC Expat.
“More than half (54%) of expats in India are confident that their life in the country can help build their personal wealth. The salaries of these expats are only slightly higher in India than their home country, rising by 2% compared with a global average of 25%,” it said.
The survey was conducted among 22,318 expats from 163 countries, including in India, and territories through an online questionnaire in March and April by YouGov, and was commissioned by HSBC Expat.
According to HSBC India head-retail banking and wealth management S Ramakrishnan, while a move overseas can often mean a rise in disposable income, it also brings complexity along with it.
“A taste of life in a new location can be the key to unlocking your creative potential, finding the work life balance, or taking career in a new direction. However, too many expats spend their first months abroad stressed because they didn’t get their finances in order before moving,” he told Press Trust of India.
While a majority of expats move to India for work, family life as well as cultural experiences are a big component of the expat experience in India, according to the survey.
It found that two thirds of expats in India enjoy the local culture, and the financial gain allow more expats in the country than elsewhere to support causes, participate in local community events and donate to charity.
The study also revealed that the average expat adds an extra $21,000 to their annual salary by moving overseas, with the best-paid staff found in Switzerland, the US and Hong Kong, as reported by International Investment.