MANAMA: Bahrain is among the top 10 places to live and work globally, according to a new survey, with 87 per cent of expatriates saying their quality of life has improved since moving to the kingdom.
In the 14th annual Expat Explorer study by HSBC, Bahrain has jumped seven spots to rank eighth out of 48 markets globally with the overall quality of life being one of the key factors driving the country’s rise in popularity.
The vast majority (87pc) are experiencing an improvement that is supported by a better work/life balance (70pc), stability and return to normality (82pc) and very low concern for political instability.
Safety and security ranked high among most expats (79pc) stating that this has improved since their move to Bahrain.
Financial well-being has also improved with the majority of respondents (75pc) stating that their disposable income has increased significantly and has improved their ability to enjoy nice things (67pc).
Their financial well-being is also secure with more than half (57pc) feeling confident about the country’s economic stability and have little concern for drastic changes in policies that could impact it.
Chris Russell, chief executive of HSBC in Bahrain, said: “This year’s results are extremely encouraging and show the optimism and resilience of our expat community. It is an important measure of our expat customer base’s sentiment about the way they work and live, and helps us understand where we can support them in their financial management and growing wealth needs.
Mr Russell
“We recently launched our new offering of wealth management solutions in Bahrain and can support them with unique solutions for each customer’s needs, ready for opening up a world of opportunity for all.”
The findings further suggest that expats are prioritising personal lifestyle choices rather than traditional relocation drivers – they are optimistic about travelling or learning a new skill (50pc) or improving their physical health (44pc) over the next 12 months.
Almost half (49pc) say living in Bahrain will give them the opportunity to meet new friends in the year ahead.
Expats’ desire to live and work abroad has not been diminished by the pandemic – the majority plan to stay in their host location for the foreseeable future, with 80pc intending to continue living in their host country for the next year at least, and only 7pc planning to move.
However, the study also highlights some of the challenges that expats have faced during the pandemic. Over half (63pc) have been stopped from travelling abroad for business, and the majority (90pc) were unable to see family or friends in their home countries. Yet it also points to the resilience of the global expat community, as two in five (42pc) say they were able to continue to manage their physical health, and over a third (36pc) continued to spend time outside.
Cameron Senior, interim head of 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.”
The study also shines light on expats’ financial lives, to gauge their financial goals in 2021. Three-fifths (60pc) wish to save for their retirement, almost a third are looking to build up an emergency savings fund (31pc) and saving to purchase a property (30pc).
Over a fifth (23pc) are saving or investing money for their children’s education.
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