The UAE is now on 12th position in HSBC’s annual Expat Explorer survey. This survey of 27,000 expatriates including 3,000 in the UAE identified Singapore and New Zealand as the top two expatriate destinations for the second year in a row. Canada rose three places to come in third position.

The HSBC survey found that the number of UAE-based respondents expressing confidence in the local economy fell to 57% from 61% in 2015, as lower oil prices act as a brake on the country’s economy. However, HSBC noted that the 57% figure for 2016 is the highest in the Middle East, and also comes in ahead of the global average of 52%.

The UAE continues to be regarded as a politically stable destination for expatriates; 78% of respondents said the country is more politically stable than their home countries, coming in way ahead of the average of 51% for the 45 destinations included in the survey.

The country also comes in ahead of the global average as a destination for starting a business and achieving advancement in a career. So the UAE maintains its status as the most preferred investment destination among global investors.

“It’s no surprise that the UAE continues to be ranked highly for the financial opportunities it provides expats from around the world, as this has been a consistent trend in the past few years of the survey”

said Kunal Malani, head of customer value management at HSBC Middle East.

“Whether it’s the higher earning potential and tax-free income or the world-class infrastructure available for entrepreneurs, the country has steadily been growing as a beacon for career-driven expatriates.”