Finance and technology professionals are generally better paid in Hong Kong than in Singapore, with investment-banking analysts earning 46 per cent more than in the Southeast Asian city-state, according to a report from Bloomberg Intelligence.
Analysts make an average of US$92,149 a year in Hong Kong, compared with US$63,305 in Singapore, according to a BI report published Wednesday. The trend extends to associates, who make almost US$123,000 (HK$961,967), or 36 per cent more than peers in Singapore, BI said, citing figures from recruiting firm Michael Page. Executive directors at investment banks earn about 13 per cent more in Hong Kong.
HSBC set to sharply increase pay for some junior bankers
HSBC set to sharply increase pay for some junior bankers
“Hong Kong’s deeper integration with China has redefined its duel with Singapore to be Asia’s leading international finance and business center,” analysts Francis Chan and Patrick Wong wrote.
Both cities offer attractive income tax rates to lure talent. While they have comparable rates for low-income earners, middle-income workers in Hong Kong may face higher effective tax rates, ranging from 6.7 per cent to 14.4 per cent, compared to 3.9 per cent to 12.8 per cent in Singapore.
