Luxembourg has been ranked the best place in the world for expats looking to build their careers.
After featuring consistently in the top three of the InterNations Working Abroad Index, Luxembourg seized the top spot for 2016, thanks to its stable economy, employment security, and a healthy work-life balance.
The country’s finance industry appears to be the most popular, with more than three in ten expats working in the sector, as opposed to 8 per cent worldwide. It is followed by the public sector, which InterNations attributes to its status as a European capital and seat of EU institutions.
76 per cent of expats in Luxembourg are generally satisfied with their jobs, compared to a global average of 64 per cent. 67 per cent are overall pleased with their career prospecst, compared to a global average of 55 per cent).
A happy work-life balance is also above average (79 per cent versus 60 per cent), with working respondents spending an average of 40.6 hours a week at their job (global average: 41.4 hours). Only 7 per cent work in part-time jobs, and the average work week for full-time employees thus isn’t that much longer at 41.8 hours.
Expats also feel their jobs are secure, according to 81 per cent of the respondents.
As a result, a large proportion of expats decide to move to Luxembourg for job-specific reasons, reveals the survey, with more than seven in ten respondents seeing the economy or the job market as a potential benefit when they considered relocating there.
The index covers 67 countries in total, with Luxembourg followed closely by newcomer Taiwan, which entered the index in second. Taiwan ranks first in the Job and Career subcategory, with 82 per cent of expats in Taiwan citing overall satisfaction in their jobs (global average: 64 per cent). Additionally, only 9 per cent would rate their career prospects negatively, compared to 24 per cent worldwide. Teachers, academic staff and researchers (30 per cent) are strongly represented in Taiwan – more than three times the global average of 8 per cent.
Third place was taken by Germany, thanks to its world-beating score in job security, ranking second in the respective subcategory. More than seven in ten respondents (71 per cent) were generally satisfied with the level of job security, with 23 per cent going so far as to express complete satisfaction. The state of the German economy is also very good, according to 44 per cent of the respondents, more than double the worldwide average of 17 per cent. Indeed, not unlike Luxembourgh, 68 per cent of those moving to Germany saw its economy or labour market as potential benefits during their relocation plans.
Malta, last year’s leader, dropped a few places in 2016, with its ranking in the Work-Life Balance subcategory falling drastically, from ranking 3rd in 2015 to 20th in 2016. Last year’s runner-up, Norway, is now in eighth place. It has plummeted from 15th to 49th place in the Job and Career subcategory, while also suffering with regard to job security.
The biggest climbers in 2016 are Hungary, Romania, and India. All three destinations have made a big leap forward, gaining between 20 and 27 positions in the ranking. The most obvious improvements can be seen in the Job & Career subcategory for each country: for instance, Hungary, which has climbed from 52nd place to the 27th rank overall, rises from 48th place in this subcategory to rank ninth. Overall, the percentage of expats in these countries who are happy with their career prospects and satisfied with their job has increased.