New Horizons, written by the Guardian in association with HSBC, aims to help readers understand the life changes involved in pursuing an expat lifestyle, moving to emerging economies overseas. Looking from Asia to Latin America, this series will focus on the boom cities. You can also follow an informative an expat storyboard, plus look out for expat hints and tips on 50 different countries.
There are now 4.5 million Britons abroad – and they are not all in English-speaking countries and the Gulf states. China, India, Brazil and other emerging economies are increasingly attractive to those excited by opportunities overseas.
When there's a whole world to see, it's little wonder that for thousands of Britons the UK is just too small. According to the ONS International Passenger Survey (2012), 149,000 people left British shores in 2011, all intent to stay away for at least a year. The majority already had work agreed (50,000) or were looking for it (30,000).
British expatriates are part of a global population of more than 200 million people who now live and work in countries in which they were not born. The evidence is that highly skilled, highly motivated expats see themselves as part of the worldwide workforce, and are increasingly adventurous about where they go. As recently as 2006, two-thirds of all leavers went to just five countries. Today such conservatism has gone. Some 41 countries each have a British expat population of at least 10,000 with 112 countries having at least 1,000.
"Expats today are what I call the growing set of internationalists – younger, resourceful, open-minded professionals," says Tony Goodwin, CEO of global executive recruitment firm Antal International. "They're self-starters with a modern spirit of adventure, who want to progress, not see out their careers."
For those confident to start their expat life, today's internationalists are almost overwhelmed with choice. Questions starting with "should" and "can" are much less of a consideration than questions starting with "where". However, expats should make sure their decisions on potential destinations also factor in their lifestyle and emotional expectations, particularly in terms of a cultural fit.
"Expats used to move for job first and lifestyle second," says Jane MacGregor, international recruitment manager at Change International. "Now qualifications are people's passports to a life abroad, so for young 25- to 26-year-olds, they want to know what they can do at the weekend, and how they'll fit into their shortlist of destinations."
Expats: a changing picture
According to HSBC's Expat Explorer Survey, the Middle East and north Africa (where the IMF predicts growth to be between 3.6% and 5.5% for oil-related and non-oil-related growth respectively) are especially popular among young expats. But as well as offering the best financial reward (67% of expats in Qatar and 66% of expats in Bahrain report higher disposable incomes, compared with only 52% of expats globally), the region also provides some of the highest satisfaction levels (75% and above compared to the worldwide average of 56%).
But other areas are booming too. "As well as China and India – which are still full of steam, new areas showing huge growth right now include Vietnam and Japan," explains Carol Stubbings, head of international mobility at PricewaterhouseCoopers (PwC).
These sorts of destination are not for everyone, however. PwC's own research asking people where they would like to work finds almost six times as many people would choose India over China because they thought they'd be most likely to fit in culturally and linguistically.
Another significant difference in the composition of the 21st-century expat is gender. Overall expat numbers have increased by one-quarter in the past decade, but the number of female expats finding employment has increased in the same time, from 10% to 20% of all roles.
Other areas showing growth include the Americas. Latin America is becoming an increasingly popular destination for the European expat. In the past two years, the number of Spanish expats in Brazil has doubled, and more Britons are following suit, with the UK being the fourth largest investor there.
The Caribbean, meanwhile, might sound more of a holiday location than a work one, but Bermuda has become a magnet for those with with financial and accountancy skills as well as oil and gas expertise. Other countries in the Americas attracting financial professionals include Peru, Mexico and Colombia.
But wherever expats go, the trait workers and their families should tap into is their sense of biculturalism. Research by the Kellogg School of Management and Insead found that expatriates who are able to simultaneously identify with both their home culture and that of their host country will be most likely to reap the benefits of living abroad. These researchers argue expats who develop biculturalism demonstrate a more complex thinking style that allows them to view things from multiple perspectives.
Your world, it seems, awaits. But, as we look at who the new 21st-century expat is and where they could find themselves going (see below), there is no doubt that three key regions will keep coming up. These are the hugely exciting areas of Brazil, India, and China and Hong Kong – the parts of the world witnessing seemingly irrepressible growth, and attracting global talent. Make sure you read our individual analyses of each of these areas to see what opportunity could be waiting for you.
Who are the 21st-century expats?
1) Young and single: Flexible and ambitious, they want to earn more and experience new cultures.
Likely destinations: India is favoured by the young as it offers flexible, short-term employment opportunities and the chance to earn quickly. Other young expats take advantage of the tax-free income offered by the Arabian Gulf states – they typically stay for around five years and often fulfil middle-management roles in Dubai, Abu Dhabi and, increasingly, Qatar. According to expat website livingbueno.com, Latin America is increasingly attracting young professionals too. The site lists the three most popular city destinations as: Santiago – most recently through its "Startup Chile" programme which offers residency opportunities; Buenos Aires; and Rio de Janeiro.
2) Empty-nesters: Those who want to maximise their earnings before retirement; plus those who are middle-aged but who consider themselves to be youthful
Likely destinations: China, especially the financial centre of Hong Kong and the economic powerhouse Shanghai. Rapidly modernising cities such as Guangzhou and Shenzhen are also attracting more and more expats
3) Families: The vast majority of families moving abroad still go to Australia. Hong Kong is also perceived as a safe destination for families.
Likely destinations: Perth, on the west coast, is increasingly popular, as well as the big populations centres of Sydney and Melbourne. According to the HSBC Expat Explorer 2012 survey: ''Hong Kong ranks as the safest place to bring up a child. Nine in ten (91%) expats indicated that the safety of their child had increased since moving there. Two-fifths (39%) of children are able to spend more time outdoors and half (48%) of parents in Hong Kong report that their children are spending more time with them since relocating.''
Find out more about the expat lifestyle
You can read more than 800 tips from expats on 50 countries, from Australia to Zambia, and 18 themes with the HSBC Expat Hints & Tips tool. For a video introduction to expat banking and to find out how HSBC Expat can help you in your next move click here.
