Singapore, a multicultural and diverse business hub that attracts a wealth of the worlds top executive talent. An internationally orientated economy, it is an extremely beneficial life for those who choose and fortunate enough to work there. Here are the 5 top reasons why Singapore is the best location to move to in Asia if you are a top level executive.
Since Singapore gained independence in 1963 it has grown
into a country that ranks in the top three highest average incomes in the world. Its economy is robust, driven by many aspects, with one fifth surprisingly coming from manufacturing. The ability to export luxury goods from this trade hub has enabled this small nation to compete on the cost-competitive global production chain. However, the high efficiency and productivity of multinational companies, particularly in the financial sector, is the main contributor to a stable economy and higher wages for Singaporean nationals and expatriate executives. Professor Hoon Hian Teck from the Singapore Management University said that in order for the Singaporean economy to grow, it will need to remain open to these foreign investments from multinational companies. In uncertain economic times, moving to an economy that is likely to stay afloat despite the fluctuating global economy is a key reason to relocate. With Singapore’s strong GDP (35th in the world) it can offer reassurance it won’t be taking a huge dive too quickly.
Obviously one of the most enticing reasons why a professional would move, Singapore remains the city that offers the highest executive salary for senior and top management professionals in the Asia region; earning nearly 10% more than the next highest, Hong Kong. Executives at the top of the hierarchy have an average salary of around US $586,000 per year, compared to Hong Kong, which sees an average of US $445,000. These figures are 4% and 3% increases from last years salaries respectively, showcasing the continued strength of the Singaporean market. With more millionaires per capita than anywhere in the world, government tax schemes of a low income tax and high property tax for multi-million dollar mansions mean you get to keep more of your pay packet as well, despite having to fork out more for rent, a fair an balanced way benefiting all pay demographics. Additionally, those employees working for multinationals on US dollar based salary packages are seeing additional benefits with the rising strength of the American dollar.
One of the main factors at the forefront of executives minds is not only the job details and pay, but how well their family would settle into a foreign nation. However, boasting some of the top secondary schools in the world, Singapore can guarantee and equal, if not better upbringing for a young family. According to the Wall Street Journal Singapore is ranked as the second safest city to live in with traditional crimes such as burglary and theft at the lowest point in decades. Strict laws are enforced in Singapore, which only benefits you as a family and the protection of your younger ones. It can give you confidence in your children using the public transport by themselves, an opportunity not advisable in some other big cities. Its diversity is an added bonus with children being able to interact with many different children from various nationalities. A country where the official languages are English, Tamil, Malay and Chinese, the cleanliness and general expatriate population (expats make up nearly two fifths of the population) all combine to contribute to a rounded upbringing not possible in home nations.
4. Quality of Life
Arguably the swing factor why many executives decide to move is the general quality of life and living standards. As mentioned earlier, a great place to grow a family, the price for certain luxuries are comparably cheaper than many places around the world – providing you know where to find them. Even middle class workers can live well there and afford the services of a maid and enjoy exclusive clubs such as sailing clubs. In fact, in a recent study from Mercer, it was the top Asian country in their Quality of living survey 2015. Globally however, it ranks 26th in the world. Taking into consideration political stability, level of crime, banking services, media censorship, housing and availability of healthcare, education and transport, Singapore is considerably ahead of other Asian and expat destinations with Hong Kong ranking 70th.
5. Job Outlook
However, without job demand, all of the information provided would be redundant. Luckily it is not. Throughout 2014, economic growth remained strong creating jobs for talented and experienced candidates. With businesses looking to increase productivity using technology has transformed the landscape of the job market creating a hybrid type job role. Overall, 45 per cent of employers have said they intend to recruit more staff in the next six months with the main industries for hiring in the healthcare, pharmaceuticals, shipping and logistics, and oil and gas. Need help moving abroad to Singapore? Upload your CV today for your free CV appraisal to see how it stands up on the Singaporean job market.