Hey expats. What do 47 millionaires have in common? That’s right, they read Money Abroad 🔥
Welcome to the first-ever edition of our quarterly expat net worth report! 🎉
Today in 10 minutes or less, you’ll learn:
- 🤩 Who were new subscribers in Q1 2023
- 📈 Net worth and income insights
- 💎 Asset allocation for Singapore expats
P.S. If you have been getting value, share Money Abroad with just one friend today: 🙏
💸 Expat Net Worth Report Q1 2023
At the start of every quarter, I aim to publish a net worth snapshot from the previous quarter’s new subscriber cohort.
My goal is to provide expats with a transparent, up-to-date resource on net worth and income data from their peer group.
As far as I know, you won’t be able to find this data anywhere else (not publicly anyway).
All numbers below are self-reported in USD
🍫 Quick bites
- 313 expats completed the onboarding survey in Q1 2023*
- ~$127M aggregate net worth 🤯
- ~$50M aggregate annual gross income
- Live in 40 residence countries around the world, hailing from 58 origin countries
*survey created on February 18th
Demographics
Residence countries (top 10)
- Singapore
- United States
- Australia
- Canada
- Indonesia
- Malaysia
- United Kingdom
- Vietnam
- UAE
- Netherlands
Origin countries (top 10)
- United States
- India
- Singapore
- Australia
- Indonesia
- Malaysia
- United Kingdom
- Canada
- Hong Kong
- France
Age: 83% fall within 25-44 age range, including 56% within 26-34
Gender: 1/3 female, 2/3 male
Financial knowledge: 57% intermediate, 33% beginners, 10% advanced
Net worth
Alright, let’s dive into the juicy stuff.
55% of expats have at least $100k in wealth, while 27% have under $50k.
What surprised me: 15% are millionaires! 🤯
Breakdowns by age, country, gender, knowledge
Net worth by age: Trend is obvious: Older age, higher net worth.
Net worth by countries: Pretty volatile chart honestly.
What was interesting to me: Net worth distribution looks roughly similar across expats in top 5 countries, except Australia.
Net worth by gender: Sadly, within this cohort, women have less wealth than men. I hope to see this change in future cohorts.
Financial knowledge by net worth: Here we can see another trend: Higher net worth correspond with higher levels of financial knowledge.
💡 Asset allocation of Singapore expats
By the way… want to see how other expats break down their assets? Here’s the EXACT breakdown of investments and asset allocation for 75 Singapore expats:
👉️ Singapore Expat Money Report
Income
50%+ of expats are earning $120k / year (or more). I expected this as expats are a high-earning group.
What caught my eye: ~15% are making $600k+ / year ⚡️
🌐 Beyond your borders
🇸🇬 Due to rising rent prices, 7 in 10 firms ready to move Singapore expat staff overseas (Reddit)
🍜 Ramen maker Nissin sales up 41%; also performed well during 2008 recession (FD/Reuters)
🇺🇸 Next wave of US remote work is about outsourcing jobs overseas (WSJ)
🇵🇹 Why the “Robinhood of Passports” says it’s a mistake to ban Portugal golden visas (BI)
🇮🇳 India and China in dispute over blocking each other’s journalist visas (NHKJapan)
🇺🇦 Ukraine's Foreign Minister welcomes suggestion that Russian athletes could be denied visas (ITG)
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