The 14th annual Expat Explorer study – a global survey of over 20,000 people who live and work abroad – indicates that 80% of the respondents in Qatar feel that their overall quality of life has improved since moving to the country.
More than two thirds (70%) of expats feel optimistic about the year ahead despite the volatility of the past 18 months.
The sense of optimism comes from improved financial well-being (85%), confidence in the economic future of the country (59%) and confidence in political stability (76%). This is also boosted by limited concern about changes in law, policy and regulations that could impact financial well-being.
HSBC Qatar CEO Abdul Hakeem Mostafawi said, “We are very encouraged by the results of the annual Expat Explorer study, showing optimism for an improved quality of life and even better financial well-being in Qatar. The study further helps us to understand the needs of our expat customers and helping them to grow their personal wealth. Our dedicated wealth management teams are able to tailor solutions that are specific to our expat customers’ needs, opening up a world of opportunity for all.”
Many expats in Qatar value the importance of work/life balance with nearly 60% respondents stating that it has improved since relocating to the country. Safety and security ranked as one of the top reasons for an overall improved quality of life with 74% of respondents stating that they feel safer than in their home country.
The findings suggest expats are prioritising personal lifestyle choices rather than traditional relocation drivers. Over the next 12 months many of them expect to have the opportunity to travel more (46%), meet new friends (46%) and have a career progression (44%).
As the world has been in a state of flux during the pandemic, the study suggests that locations where a sense of stability has been maintained ranked highly. Nearly all expats based in Australia, Switzerland, and Jersey (in the Channel Islands) would recommend their location as a ‘stable’ place to live in the next 12 months – Australia (92%), Switzerland (92%), Jersey (90%).
Cameron Senior, Interim head (HSBC Expat) said, "Despite incredibly challenging times, I am encouraged to see sparks of optimism among global expats. Our study confirms that expats continue to thrive in their host countries and many are looking forward to remaining there for the foreseeable future. Following many months of uncertainty, I’m heartened to hear how expats are benefiting from relocating – over two-thirds told us they feel their quality of life is better now, albeit with a lot of changes.
“Despite their positivity, I’m very mindful of the disruption they have experienced (which remains ongoing in certain locations) including their ability to see family or friends in their home countries, and travel for business. This reality puts their optimism in even sharper focus, and makes me more determined to fully support our expat customers as they navigate life away from home.”