7 countries in Asia with the highest average salaries: report
Asia is gradually becoming an epicentre of global trade and industry. The region relies on diverse, world-class talent to advance growth. With that, talent leaders are homing in on the right salary benchmarks for attracting talent.
In fact, in Singapore alone, nearly 3 in every 5 businesses (57%) are planning to give pay raises in 2024, according to the latest Robert Walters salary guide for Asia Pacific. This adds to the city-state's reputation as an attractive employment destination for highly skilled talent in neighbouring countries, like Malaysia and the Philippines, and beyond.
Moving headquarters, finding global talent
Apart from the emergence of highly skilled talent in the region, companies that have put down roots in traditional financial hubs like Hong Kong or Beijing, are now shifting their headquarters to Singapore or Dubai. In the case of Chinese businesses that are moving to Singapore, the matter extends beyond the need for talent.
"Several companies have chosen to relocate their regional headquarters from China to Singapore to mitigate geopolitical risks," said Kelly Wee, senior manager at Hays Singapore. At the same time, the city-state is "leveraging its status as a global financial centre with substantial capital flows."
The UAE, meanwhile, pulsates with the excitement of new businesses flourishing. Dubai, in particular, has garnered a reputation for being business-friendly. Entrepreneurs look to build their ventures and benefit from incentives and low tax rates offered by the city.
Dubai's tax policy is thus highly appealing to entrepreneurs both from within the country and abroad. Such advantage is supported by efficient business registration procedures and extensive services, making it easier for foreign businesses to establish themselves. As a result, Dubai is a very popular location for international business operations. To attract international investors, the UAE grants the highly coveted Golden Visa.
Asia as a powerhouse of talent
These are only a few of the snapshots of why Asia as a region is a unique powerhouse of talent. As talent leader Christopher Auckland forecast, organisations are willing to grow their business and talent base in Asia.
One example that is betting on Asia's "innovation mindset" is Microsoft, which aims to develop 2.5 million of the region's AI and entrepreneurial talent, specifically in Southeast Asia.
"Despite a degree of global and regional economic uncertainty, it is also worth noting that companies remain willing to invest in top talent in Asia," said Auckland, who is Group Managing Director of Ambition, an international recruitment firm with a presence in Hong Kong, Singapore, Malaysia, Australia and the UK.
"The employment market here remains largely candidate-driven, with firms prepared to offer competitive compensation packages to attract and retain the best professionals," Auckland said.
Asian countries with the highest average salaries
So, which countries in Asia are raising the stakes with the highest average salaries? Insider Monkey ranked those with the most handsome remuneration packages overall.