Indians Abroad Earn an Average of Rs 93 Lakh: HSBC SurveyNRI Top Stories

October 23, 2018 07:20
Indians Abroad Earn an Average of Rs 93 Lakh: HSBC Survey

(Image source from: Condé Nast Traveller India)

Indians living or working overseas earn an average salary of Rs 79 lakh a year whereas foreign expats in India earn an average of Rs 93 lakh, according to an HSBC survey.

The survey "Expat Explorer Survey 2018" shows that a significant number of expats in India are from Australia, United Kingdom, United States of America, Canada, France, Germany, and the Netherlands and about 44 percent of them own some property in India. But then, 64 percent of Indians living abroad possess property in India.

The study, based on 232 interviews, ranks India 12th in terms of comprehensive country ranking, 22nd for experience, 14th for economics, and 9th for the family.

More than half (54 percent) of expats here are assured that their existence in India can aid build their personal wealth. They have significant assurance and hope in their financial futures and a solid basis of the existing scenario.

Two-thirds relish occupying themselves in the local culture and their financial gain has allowed more expats in India than elsewhere to support causes, participate in local community events and donate to charity.

According to the survey, highly educated, and often working in engineering or manufacturing industries, 34 percent expats moved to progress their career and 22 percent to develop their skillset. Some struggle with the new way of working through, and 41 percent say they work longer hours - almost twice the global average.

Their salaries are only slightly better than at home, rising by 2 percent compared with a 25 percent global average. But with a lower cost of living than they are used to most have more disposable income than they did at home, according to the survey.

The picture is quite dissimilar when it comes to Indians moving or living overseas. Europe is the first choice for 45 percent of Indians while only 29 percent have moved to the Middle East to work or settle. An average of 84 percent of Indians living abroad is known to be employed while only 51 percent of them have offsprings.

Indians overseas also seem preoccupied with the property at home. A quarter own three or more somewhere in the world. With almost half moving to improve their earnings, the average income has risen 31 percent and almost two-thirds spend it on homes in India. Half plan to live there when they go home and 40 percent have friends or family currently staying there.

With more than half (55 percent) relying on friends and family for financial advice compared with 40 percent of expats in general, the expat life for an Indian abroad often involves a tightknit group of people.

-Sowmya Sangam

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Indians abroad  HSBC Survey  foreign expats