Principle theme

07 September 2010

The world’s richest expats live and work in Russia

According to the third annual report, presented by the HSBC Bank International,   the wealthiest foreign expats live and work in Russia, as well as in Saudi Arabia and Bahrain, thus leaving the countries of the Euro zone behind when it comes to paying for foreign expertise.  This Bank’s Expat Economic survey was conducted among 4,100 foreign professionals from 100 countries. 

The results of such a research revealed that there are 25 countries which are considered to be the best for foreign expats in terms of their annual income, monthly disposable income and possession of luxury goods. Besides these three abovementioned countries, the United Arab Emirates and Singapore are among the top five locations for expats.   According to this survey, one third of respondents in Russia estimated their annual income at more than $250,000. Of course, this is a rather high figure. For comparison, in such European country, as Spain, two thirds of expats earn only $60,000 per year.  One foreign expat, who has been working in Russia for some time, gave the following assessment of life and work in our country: “A fantastic experience with huge financial potential”.            

In fact, the number of foreign expats in Russia who earn $250,000 annually, is growing constantly as years go by. As far as known, last year, that is in 2009, 30% of foreign expats living and working in our country, earned such high sums of money, while figures, related to the current  year 2010, show that already 36% percent of expats now earn the abovementioned sum of $250,000 per year. Therefore, since last year the figure increased by 6% and that is really rather impressive as compared to the incomes of expats living and working in other countries.  According to statistics, only about 13 per cent of expats worldwide earn $250,000 per year or more.      

Such high figures of annual incomes among foreign expats in Russia indicate that it is rather advantageous and beneficial for them to live and work in our country. The representative offices of many foreign leading firms and companies are based in Russia and not only in Moscow and in Saint Petersburg but in other Russian cities as well.  They are successfully doing business in our country and are engaged in numerous important projects.  Russia is really a suitable and an appropriate country for foreign investments. And foreign expats have stable jobs here, with long-term contracts. 

Among such important projects, which may be of a significant interest for foreign expats, is a planned construction of the new science and technology facility at Skolkovo near Moscow. The Russian President Dmitry Medvedev appointed the well-known Russian tycoon Viktor Vekselberg to manage this hi-tech and production project.  It is expected that this new research center is to focus on energy, information technology, communication, biomedical research and nuclear technology.  Many experts see this project as the new analogue of the famous Silicon Valley in California, in the United States. According to Vladimir Surkov, the first deputy head of the presidential administration, who is monitoring and supervising the creation of the project “it will provide Russia’s first dedicated platform for innovation in information technology”. 

The money for this project is allocated by the state but it is thought that private companies will also take part in it and not only Russian but also foreign companies.  It is planned that the Management School, a joint project of 14 major Russian and international companies will be based there. The project is aimed at the creation of the first-world-class business school in Russia.  Not Skolkovo alone was supposed to be chosen among the possible contenders. Among other candidate there were Russia’s second largest city of Saint Petersburg and the former capital of our country and the Siberian cities of Novosibirsk and Tomsk. The towns of Obninsk and Dubna, which are situated near Moscow, were also listed among the possible candidates because until now they retained a high concentration of research and development facilities from the Soviet era. But still Skolkovo was chosen for this purpose.    

Back to the topic of the day