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Singapore Top Destination for Australian Expats: Atlas Wealth Management Report

  • 80% of Australian expats in Singapore recommend the country as a destination to fellow Australians
  • 55% of Australian expats have more disposable income than when they lived in Australia
  • 40% of Australian expats previously looking to buy property in Australia have been deterred by the changes in the tax rules

SOUTHPORT, Australia, Aug. 8, 2018 /PRNewswire/ -- Singapore has been voted by Australian expats as the Best Overall Destination in the 2018 Atlas Wealth Management Expat Insights Survey.

From the 1st of February through to the 31st of May 2018, 1,774 Australian expats from 65 countries participated in Atlas Wealth Management's Expat Insights survey.

Category Winners

There were four destination categories in the survey: Lifestyle, Career, Financial and Family. The winners of each category were: 

Lifestyle

Philippines

Career

Singapore

Financial

China

Family

Sweden

As well as taking out the Career category Singapore also won the Best Overall Destination category by scoring the highest average score across all four categories.

The Australian Diaspora

With over 1 million Australian citizens living and working overseas very little is known about the Australian diaspora.

The purpose of the survey was to gain a greater insight of an Australian expat, including their background, their motivation for moving, whether the move has been a success, would they recommend their adopted country to other Australian expats and if they intended to return to Australia.

"With a vast population of Australian citizens living overseas we know very little about their background and why they chose to live the expat life," said Brett Evans, Managing Director of Atlas Wealth Management.

Every year over 300,000 residents leave Australian shores for a period of greater than 12 months and both government and private sector research shows that the Australian expat ranks are forecast to swell.

"Australians have chosen to move overseas, and live the expat life for decades, however what has changed are both the destinations and the complexities of managing your life as an expat," continued Evans.

While 63% of Australian expats said that the local economy of the country they lived in was strong and 57% said that the country had a stable political system surprisingly only 30% agreed that the country encourages expats to relocate there with 46%neither agreeing nor disagreeing and 30% disagreeing.

Expat Finances

According to the survey 18% of Australian expats have reported that their tax situation is now more complicated than before and 16% said managing their finances is now more complex.

A life overseas can certainly benefit your hip pocket with 46% of Australian expats saying that they spend less on their daily bills and 49% having more disposal income than when they lived in Australia. This in turn has meant that they are able to save more money with 49% confirming that they have been able to save more by moving overseas.

Expat Property

Australians near and far have always had a love affair with property however that appears to be changing with Australian expats. 70% of respondents said that they don't own any property back in Australia and 64% of respondents said they had no intention of buying a property in Australia any time soon.

The changes in tax legislation by Canberra has also not gone unnoticed overseas. The recent changes have deterred 41% of those looking to buy back in Australia from going ahead with the purchase.

Report

To download a copy of the report please click here

Notes to Editors

About the Survey

The Atlas Wealth Management Expat Insights Survey is a study designed to learn more about the Australian diaspora.

With approximately 1 million Australian citizens living and working overseas the purpose of the survey was to gain an insight the who, what and where of the Australian expat community.

The information contained in this report is based on an online survey conducted from the 1st of February to the 31st of May 2018.

1,774 Australian expats from over 65 countries participated in the survey.

Information

Excerpts from this report may be used or quoted, provided they are accompanied by the following attribution: '2018 Atlas Wealth Management Expat Insights Survey.'

About Atlas Wealth Management

Atlas Wealth Management is the leading provider of Australian expat financial advice and has been the recipient of numerous domestic and international awards for the financial services that we provide to the Australian expat community.

We have the privilege of working with Australian expats in over 25 countries are the global financial adviser to Australian expats.