Almost three-quarters of British expats say they have a better overall quality of life in their new country than in the UK.
Richard Musty, international director at Lloyds Bank, said: "While the majority of people are happy with the UK as a place to live, our latest British Wealth research reveals nearly three-quarters (74%) of British expats report that they enjoy a better overall quality of life in their current country of residence.
The most common reasons given were increased earning ability, a cheaper cost of living and the new location being a desirable place to raise children. Nearly half (46%) of expats said their cost of living was lower than it would have been in the UK.
More than half (58%) saud they earn more than they did in the UK, which is an increase of 13% from two years ago.
These conditions pertain particularly in southern Europe and North America.
Salaries in the UK are falling behind prices which have been forced up by inflation. The Office for National Statistics revealed that the average weekly wage in the UK is £447. Pay rises registered just 0.8% in the summer of 2013 while prices rose at 3.3%.
Nevertheless, the most expensive places for expats to afford are Luanda in Angola, Moscow and Tokyo. London is not even in the list of the 10 most expensive.
Portugal’s former colony, Angola, is now a major oil producer, but much of the country remains poor. The expense to expats is meeting their expectations, as goods need to be imported and that is expensive. Finding secure housing of a certain standard is another costly requirement.
According to analysts Mercer, the number of Brits being sent abroad on work assignments are increasing, along with the number of business travellers, global ‘commuters’ and longer-term expats.
