MUMBAI: The fastest growing major economy in the world, India, has also become a popular destination in the Asia-Pacific region for expat entrepreneurs to set up a business, according to a survey.
"India is a popular destination for expat entrepreneurs. More than one in 10 (11 pct) expats in the country moved here to set up a business, more than twice the average of 5 per cent across Asia-Pacific," according to HSBC's 'Expat Explorer Survey'.
The survey also revealed that India draws more expat entrepreneurs than countries in the Middle East, such as Bahrain (7 pct) and the UAE (5 pct).
The 2016 Expat Explorer survey was conducted among 26,871 expats in over 100 countries through an online questionnaire in March, April and May 2016.
In comparison to other countries in the region, India also has the highest proportion of expats on an international secondment or assignment, it said.
A third (33 pct) of expats in India have been relocated to the country by their employer, more than in regional financial hubs such as Hong Kong (26 pct) and Singapore (22 pct), and above the Asia-Pacific average of 17 pct, it added.
Nearly two-thirds (64 pct) of expats are confident of the Indian economy, above the expat average of 52 pct across Asia-Pacific, it said.
More than half (53 pct) of expats in India also have confidence in the political stability of the country, above the regional average of 48 pct.
Expats in India are able to save more, with 44 pct saying that living here have accelerated their progress towards making long-term savings and investments, compared with 39 pct across the region.
The average annual expat income in India is $ 145,057 as compared to the global average of $ 97,419, it said.
"The survey shows that many Asian expats work abroad primarily to improve earnings, career prospects and quality of life. Some move overseas to study and take up a new challenge," HSBC's Head - Retail Banking and Wealth Management, India, S Ramakrishnan said.
Globally, Europe was rated the best overall destination
for a successful expat career, with Switzerland, Germany, Sweden, Norway, Austria and the UK being among the top 10 countries for those looking to progress their career abroad and benefit from great working conditions, the survey revealed.
For the second year in a row, Switzerland was ranked the best all-round destination for a career abroad.
The country combines the best earning prospects with a good work-life balance and an excellent work culture, the survey said. The average annual expat income in Switzerland is $ 188,275, almost twice the global average of $ 97,419.
Additionally, 69 pct of expats in Switzerland see an improvement in their work-life balance and 61 pct say the work culture is better than in their home country.
While European destinations do well in the careers league table, there are countries to suit every expat career ambition.
Expats looking for the best employment package consider the Middle East, where 91 pct of expats receive at least one benefit as part of their contract, compared with the global average of 67 pct.
In the UAE, 56 pct of expats receive an accommodation allowance and 75 pct receive health benefits. In Bahrain, 65 pct of expats receive an annual allowance for trips home.
When it comes to career development, Hong Kong and Singapore come out on top.
The majority of expats in both countries (68 pct in Hong Kong and 62 pct in Singapore) agree it is a good place for expats to progress their career, compared with the global average of 43 pct.
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