Expats working in the UAE earn an average salary of approximately Dh38,000 per month, stacking them in the high income bracket when compared to professionals elsewhere.
According to the latest HSBC Expat Explorer Survey, the UAE provides many economic opportunities, offering career advancement and generous benefits packages in a destination with an extensive expat network.
The survey states that the thriving economy is one reason for high salary levels.
The bank’s findings say that expats in the UAE earn an average of over $124,000 per annum, which works Dh455,396 for one year or approximately Dh38,000 per month.
This salary is about $20,000 (Dh73,450) more than the global annual average, suggesting that, on average, UAE expats earn Dh6,120 more every month when compared to their global counterparts.
A previous report by ECA International, a consulting firm that provides data and software solutions to assist companies in the management of international assignees around the world, stated that UAE comes in the top countries by giving away far more generous salaries than other expat destinations around the world.
Employers in the UAE are also more generous than their counterparts in the GCC and Mena at large.
Additionally, with zero income tax in place, the take-home component is one of the highest in the UAE.
If only the salary and benefits components is taken into account, pay scales are better in the UAE than countries such as Australia, Sweden, China and the US, as per ECA data.
Perks that come with a job in the UAE also add to the overall package that employees usually get here.
The HSBC data highlights that expats in the UAE are more likely to receive additional financial help from their employers beyond their salary.
Twice as many (68 per cent) expats in the country receive annual airfare allowances for trips home compared to the global average.
More than half (55 per cent) receive accommodation allowances.
These benefits, combined with the high salaries on offer, mean that nearly two-thirds (65 per cent) have more disposable income despite the high living costs in the UAE, says the survey.
HSBC data shows high salaries on offer in the UAE compensate for the more expensive cost of living. Of those who participated in its survey, 79 per cent stated that accommodation is more expensive than at home and 60 per cent said they spend more on bills (only 18 per cent say they spend less).
Despite the rising cost of living, expats living here believe the country provides a strong economy (61 per cent of expats are confident about it) which is important given nearly two-thirds (64 per cent) living there say the financial side of life is most important for them.