World’s Highest Paid Expats Are Living In This Indian City!
An expatriate, or expat for short, is a person temporarily or permanently residing in a country other than their native country.
Mumbai, India’s commercial capital which single-handedly accounts for 6.16% of India’s GDP, has now another unique distinction: World’s most expensive expats are coming to Mumbai!
In a global survey of expats’ income conducted by banking major HSBC, Mumbai has topped the charts with an annual income of $217,165 or Rs 1.4 crore.
This is more than double of what an average expat earns, anywhere in the world: $99,903.
Mumbai: The City Of World’s Highest Paid Expats!
An expatriate is a person temporarily or permanently residing in a country other than their native country. Expatriate, in short, is called expat.
As per HSBC Bank International Ltd’s survey of expats salary all over the globe, Mumbai has achieved #1 rank. This means, that on an average, expats from other countries living and working in Mumbai are receiving the highest salary, compared to any other country.
As per HSBC, this ranking is crucial, as this will determine what relocation packages are being given to expats coming to Mumbai for work.
Dean Blackburn, who heads HSBC Expat said,
“Mumbai has the highest percentage of expats sent by their employer — these expats often benefit from relocation packages which goes some way in explaining the higher salaries expats enjoy in the city.”
As per observations made by HSBC, it was found that a steady inflow of German technicians and construction veterans is one of the reasons for high expats salary in Mumbai.
Besides, the higher standard of living and expensive accommodation are the main reasons as well.
Expats: Show Me The Money!
Compared to $99,903, which is the global average salary of expats anywhere in the world, expats in Mumbai are earning $217,165, which is more than double.
With $207,000 annual salary, San Francisco is at #2, and with $206,000, Zurich in Switzerland is at #3.
Shanghai, Geneva and New York City are at #4, #5, and #6 with annual salaries of #202,000, $184,000 and $182,000 respectively.
Berlin, Prague and Birmingham were ranked the least three expensive cities for expats.
However, when it came to job opportunities for expats, Mumbai ranked lower than London, San Francisco, New York, or even Birmingham.
For this survey, 27,587 expats from 159 countries and territories were asked salary related questions. With a sample size of 90 people, a total of 52 cities were studied for the survey.