Last January, an HSBC survey revealed that India attracts more expat entrepreneurs than the rest of Asia Pacific and that they were the third highest paid in the world. Well, this time round Mumbai has done one better - the latest HSBC Expat survey reportedly plots India's financial capital at the top slot when it comes to expat salaries.
According to the survey, foreigners moving to Mumbai reported average annual earnings of $217,165, which is more than double the global expat average of $99,903, Bloomberg reported. The HSBC survey, based on responses from over 27,500 expats from 159 countries and territories, covered 52 cities across the globe. Surprisingly, the city pipped leading Asian destinations like Shanghai (ranking 4th), Jakarta (8) and Hong Kong (9) to the top slot. Singapore and Kuala Lumpur did not even feature in the top 15 rankings.
Among the developed countries, San Francisco reportedly emerged as the most lucrative city for expats with an average income of $207,227 followed by Zurich ($206,875) at the third spot. The country that previously grabbed the top slot globally for expat salaries, Switzerland, continues to remain lucrative with two cities in the top 5 (Geneva grabbed that slot). Courtesy the high average incomes and the low personal tax rates, 77% of expats in Zurich claimed that their disposable incomes were higher than in their home cities, despite Switzerland usually being ranked the most expensive place in Europe.
According to the country report put up on the Expat Explorer website (expatexplorer.hsbc.com), expats in India report high levels of confidence in the local economy - 71% compared with 53% globally - "against a backdrop of extensive economic reforms". India has also "leapt up the global rankings for professional development". The number of resident expats who recommend the country for career progression has increased by 12 percentage points since 2016 to almost two-thirds (63%) in 2017.
Interestingly, Mercer's 23rd annual Cost of Living Survey released last summer had ranked Mumbai as the most expensive Indian city for expatriates.