China is the third most desirable expat destination, behind runner-up Singapore, and Switzerland in first place, according to a study by HSBC. Expats in China earn more than anywhere else in the world, reports CNN Money.
While many foreigners complain about pollution, racism, and the inability of securing permanent residency status, the study shows that China is the best place for expats looking to make money.
Lower living costs and bumper salaries play heavily in China’s favor, HSBC also states that a quarter of expats in China make make more than 300,000 USD ( 1,833,000 RMB) in annual salary, the highest proportion of any country. The banks report also stated: “China is the best place for expats looking to make their money go further, with 76% of expats in the country experiencing growth in their spending power once they’ve moved.”
In contrast, a Barclays study showed 47 percent of wealthy Chinese are planning to move abroad within the next five years. Experts say they are looking for a brighter future for their children, to escape heavy pollution, and to find some protection against political and economic uncertainty.
The survey caused controversy on the web, pointing out that while Chinese want to move to other countries because they want to become residents, citizens or green card holders, foreigners in China are perpetually living in uncertainty, with no rights to owning property.