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More and more people are fulfilling their dreams of emigration. According to the Federal Statistical Office, more than 800,000 Swiss lived abroad last year – more than ever before. And there are likely to be even more who turn their backs on Switzerland forever. Last year, 31,300 citizens were deregistered from Switzerland. In contrast, only 21,900 people found their way home. For years, the number of immigrants has exceeded the number of returnees.
That doesn’t hide the elephant in the room for many people who want to migrate: finances. Because in many cases the cost of living is lower compared to the high-priced island Switzerland, but income is also likely to shrink significantly. So what does the dream of immigrating cost the bottom line with an average wage in the destination country? Blick has compiled cost of living and income for the 13 most popular immigrant destinations.
It should be noted: Any person abroad who receives a salary or pension from Switzerland does not experience any loss of income and therefore in most cases gains purchasing power. In such cases, living away from major cities is particularly beneficial because the cost of living there is usually lower.
France (206.433 Switzerland abroad)
Overall, the cost of living in Paris, France, is 40 percent lower. But be careful: the deductions are even greater when it comes to wages. On average, Zurich residents earn a net worth of CHF 6,045. Its Parisian counterpart earns CHF 2,590 per month after taxes. If a Zurich native becomes a Parisian, he loses 28.2 percent of his purchasing power.
To calculate how average purchasing power has changed, Blick used data from the online crowdsourcing database Numbeo (as of July 20). An example of a Zurich resident who has an average net salary of CHF 6,045 and spends it in full. An index then determines how much money is needed in other cities to maintain the same lifestyle. Finally, the difference in Zurich’s purchasing power can be discussed using the average wage in the respective city.
To calculate how average purchasing power has changed, Blick used data from the online crowdsourcing database Numbeo (as of July 20). An example of a Zurich resident who has an average net salary of CHF 6,045 and spends it in full. An index then determines how much money is needed in other cities to maintain the same lifestyle. Finally, the difference in Zurich’s purchasing power can be discussed using the average wage in the respective city.
Germany (98,121 Switzerland abroad)
Would you rather go to modern Berlin instead of glamorous Paris? Moving here too comes at a price: If you want to maintain the same lifestyle as the average Zurich resident, you’ll have to spend CHF 3,279 per month. However, the average wage is only 3,000 francs – 8.7 percent of the purchasing power falls on the Spree.
United States (82,662 Switzerland abroad)
In the US, only some places are well served for the Swiss immigrant. With a cost of living of CHF 5,837, New York is almost as expensive as Zurich, but lags behind in terms of wages at CHF 5,530 per month. As a result, the switch to the Big Apple results in a 5.3 percent loss of purchasing power. In Los Angeles, the situation is different: life there is significantly cheaper (4566 francs per month), the salary of 5018 francs is only a thousand less than in Zurich. Plus 9.9 percent purchasing power.
Italy (51,241 Switzerland abroad)
Do you want some Italianita? Then you should lose weight in your lifestyle. Average purchasing power in Rome is 42.4 percent lower than in Zurich. Low wages contribute to this: On average, Romans earn 72.2 percent less than the people of Zurich, or CHF 1,678.
Canada (41,178 Swiss abroad)
Canada’s vastness comes at a price for Swiss immigrants. Anyone relocating to Vancouver faces a 25.2 percent loss of purchasing power. The lifestyle of the average Zurich resident would cost 3768 francs in Vancouver, while wages would drop to 2817 francs. So this means: Spending more time in nature instead of consumption.
United Kingdom (39,476 Switzerland abroad)
London draws attention with its internationality and a vibrant city life. But that costs purchasing power, i.e. 21.3 percent. Because the lower living expenses of 4538 francs do not make up for the loss of monthly salary (3572 francs).
Australia (26,088 Switzerland abroad)
Swiss expats looking to take advantage of Sydney may have to replace a visit to the opera house with a walk on the beach. On the other side of the world, there is a 16.1% risk of loss of purchasing power. The average Zurich resident only needs 4196 francs to maintain their standard of living. At the same time, the average salary is even lower at CHF 3,520.
Spain (25,814 Switzerland abroad)
Migrants to the Spanish Sea have to tighten their belts. Average purchasing power in Barcelona is 34.3 percent lower. In terms of salary, the average Barcelona native loses about 71 percent compared to his Zurich counterpart. The low cost of living of 2658 francs softens this only to a limited extent. It looks better in Madrid. The cost of living there (2434 francs) is lower than in Barcelona and the wages (2481 francs) are higher. In the Spanish capital, the purchasing power of Swiss immigrants is getting a little higher.
Israel (22,837 Swiss abroad)
The Israeli government attracts Jewish immigrants to the country with numerous benefits, such as tax breaks, childcare subsidies, free international flights and language courses. However, there is a risk of loss of purchasing power if the initial benefits have expired. It decreases by a quarter. The monthly cost of living of 3560 francs is compared to a wage of 2637 francs.
Austria (17,995 Switzerland abroad)
Reluctantly dreaming of something new to do without mountains and German? Vienna is also an attractive alternative in terms of purchasing power. With a monthly cost of CHF 2,755 and income of CHF 2,686, you lose only 2.5 percent of your purchasing power.
Argentina (15,078 Switzerland abroad)
If you are planning to make money in Argentine pesos in Buenos Aires, you will be financially challenged. The persistent risk of national bankruptcy and high inflation rates are eroding the purchasing power of the population. It takes 1194 francs to have the same standard of living in Buenos Aires as in Zurich 6045 francs. The average wage is only 345 francs. Loss of purchasing power: 71.1 percent.
Brazil (13,574 Switzerland abroad)
The situation in Argentina’s northern neighbor is no better. Here, metropolitan Rio de Janeiro’s high prices meet a high inequality society. This is reflected in the average purchasing power – minus 78.9 percent. It would be impossible to cover the living expenses of 1651 francs with a wage of 348 francs.
Thailand (9,955 Switzerland abroad)
It would also be difficult in Bangkok without a Swiss pension or a salary from an international company. Average purchasing power is 70.8 percent lower. A salary of 583 francs would be offset by living expenses of 1997 francs.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
