Thursday, June 30, 2011
Singapore – Singapore has risen to be the third most popular destination companies relocate their expatriates to globally over the past five years.
According to new data from global relocation services provider Cartus Corporation, the city leaped from seventh place in 2006 to third on the list of top 25 expat destinations last year. The 139% increase in relocation volume to Singapore within the past five years has placed the country just after the US and the UK, which are still the largest markets for international assignments.
A separate report by ECA last year found that Singapore was the most desirable Asian country for expatriate postings for the 11th year running. The city was also the fifth most expensive city to live in globally.
Lee Quane, regional director for ECA Asia, is confident that companies will continue to choose Singapore as the ideal location for expats because of its high quality of living.
Kenneth Kwek, head of Cartus’ Asia Pacific operations, added that Singapore’s high ranking is “no surprise” as the city has a reputation for attracting foreign investors, companies and professionals. “Schooling and health care have always been key factors that our assignees and their families find attractive about Singapore.”
The data which is compiled every five years also showed that top 10 relocation destinations have remained relatively consistent since 2006, despite the changing economic landscape.
Regionally, China remained at fourth spot and India jumped from ninth place in 2006 to sixth. A 77% international relocation volume increase moved Hong Kong from 11th to eighth place while Japan slipped three places to ninth last year.
Meanwhile, a few new locations have begun climbing the rankings as more companies start sending employees to “non-traditional relocation markets”. Among the countries whose relocation volume more than doubled are United Arab Emirates and Brazil at 13th and 14th positions.
Kwek said, "Companies will need to be well informed and positioned to take advantage of a broader array of countries, regions and cultures than ever before."
Top 10 in Cartus' rankings of top 25 relocation destinations last year (2006 ranking in brackets):
1. United States (1)
2. United Kingdom (2)
3. Singapore (7)
4. China (3)
5. Switzerland (4)
6. India (9)
7. Germany (5)
8. Hong Kong (11)
9. Japan (6)
10. Canada (8)