Hong Kong is a highly commercialized region with earning opportunities for everyone. As an assistant accountant in Hong Kong you can earn HK$270,000 whereas a job as a manager in investment management will earn you a gross annual salary of around HK$525,000. And these were the figures of the year 2012 when the financial services sector of Hong Kong slightly weakened.
If you are an expat, then Hong Kong is one of the best places for you to fill your pockets with handsome salaries.
According to HSBC’s 2012 Expat Explorer survey, 55 percent of expats in Hong Kong earned over HK$1.16 million a year – with the majority being employed in the financial services sector of the economy. The global average for expats earning an equivalent amount is 17 percent.
There are numerous industries with attractive avenues for expats. They include
• Human Resources
• Information technology
• Teaching English as a foreign language
The monthly averages of the salary of an expat in various fields are as follows:
• ESL teachers, about HK$33,500
• Mid-level position at an advertising or marketing firm, around HK$35,000
• Mid-level job in the financial services sector, in the region of HK$40,000
• And for a top-level position in this field, about HK$100,000 or more Saving Money in Hong Kong
Accommodation costs in Hong Kong are unbelievably high as compared to what they were a few years ago. The range of rent lies between HK$12,000 a month for a one bedroom flat to HK$35,000 for a two bedroom house.
Only 16 percent of expats pay less for healthcare in Hong Kong than they did in their own country. Also, education costs a lot for people who have children, especially if they want to send them to private international schools. The admission fee in such schools ranges from HK$60,000 to HK$120,000.
The only ray of hope shining from the darkness of expenses is a reduced tax burden. Nine out of 10 expats pay less tax in Hong Kong than they would in their home country.
Hong Kong is not a cheap place to live. You must have a strong bank balance to support yourself, your family and your lifestyle to be able to live a satisfactory life in Hong Kong. An expat who doesn’t have a high salary will find it extremely difficult to save money. So you must learn to negotiate your salary when applying for a job, given the expenses. When negotiating try to include the following expenses in your salary
• Housing stipends
• Health insurance
The competition that the locals are giving to the Western expats for lucrative jobs is quite tough making it difficult for an expat to secure a high paying job. Many a times the employers are willing to pay a little higher than the usual to the expats so that they can manage their own housing and transport costs.
If you are an expat and you are looking for a job that fits your talents and pays you the best you can get in your field of work you need to do a lot of research to ensure that what you are being offered is enough to suit your lifestyle and your needs.