11 Best Countries to Make Money Fast

We present you the list of the best countries to make money fast. During the last decade, the world has become a global village. Today, we can reach any corner of our planet by using low-cost airlines and the increased connectivity allows us to communicate with our family and friends, who are thousands of miles away, free of charge.

Advanced technology is also motivating people to look for better quality of life and higher salaries in other countries. Although most people talk about immigrants from the Middle East and Africa, a huge migration is going on at the moment, and news agencies are not reporting a thing about it.

Many professionals from highly developed countries search for jobs and business opportunities elsewhere. They are called expats, and apart from higher salaries, they are also looking for adventure, a different life, cultural exchange and an environment that will help them to express themselves.

The HSBC Expat Explorer is the biggest online database of expat guidebooks, job opportunities, and statistics in the world. Recently, this website has issued a thorough survey that compares expat life in different countries based on various criteria, like job security, work/life balance, politics, career progression, safety, healthcare, social life, etc. Since we are only interested in the financial aspect of the expat life, we have taken into consideration the only three financial criteria that determine the expats’ pay.

These are:

• Disposable income – determine which countries offer the highest income to expats;
• Wage growth –determine in which country, expats can get the highest pay increase over time;
• Job stability –determine in which countries they can easily find a steady job;

The HSBC’s list of countries with the highest income focuses only on expats, so it’s not the same as GNI and other highest income lists that focus on the domestic workforce. Since we are eager to find the best countries to make money fast, for expats and other foreign residents, the HSBC’s survey offered the most compelling results. Also, the HSBC has created a very informative survey results page, so feel free to browse different countries and rank them by the criteria that are important to you.

Since we don’t like to base the whole article on only one source, we have also used the World Bank’s Doing Business list, which ranks countries by the ease of doing business. Many expats travel abroad to launch their businesses. The possibility of earning money as an entrepreneur doesn’t depend too much on the average expat income or job stability. So by combining the rankings on the HSBC’s and the World Bank’s lists, we tried to create an article that will be equally useful to both corporate employees and entrepreneurs.

We have done this by multiplying country’s reverse HSBC ranking by ten and then subtracting the country’s World Bank Doing Business ranking from it. By following this method, we have made a very important conclusion. The countries on our list can be divided into two groups. The first ‘liberal’ group includes destinations for entrepreneurs who would like to start their business abroad, while the other ‘conservative’ one offers safe havens for big corporations and highly competitive salaries for their employees. If you are solely focused on foreign job opportunities, you should also check out the list of 11 Best Countries with Job Opportunities for Foreigners. While making our list and describing each country, we have also used the Expat Arrivals website.

11. Oman

Score: -56 points;

HSBC Ranking: 11 (10 points);

Word Bank Doing Business ranking: 66 (-66 points);

Oman’s dependence on skilled foreign labor has turned this country into a big expat hub. Although the government started the policy of ‘Omanisation,’ which requires employers to hire expats only for the positions that can’t be filled by the local experts, the expat job market in Oman is still very promising and dynamic. Most expats work in the petroleum, IT and banking sectors, which guarantee high salaries and good career advancement opportunities. In spite of the booming economy, Oman is not a particularly good place for starting a business, at least when compared to European countries and the United States. Now, let’s see what else we have on the list of best countries to make money fast.

10. Bahrain

Score: -43 points;

HSBC ranking: 10 (20 points);

Word Bank Doing Business ranking: 63 (-63 points);

With high average salaries and no personal taxes, Bahrain, next on the list of best countries to make money fast, is one of the most desirable locations for many expats. Still, Bahrain salaries haven’t followed the global salary trends, and today the city of Manama is much less popular among expats than Dubai, Abu Dhabi, Doha and other business centers from the region. Same as in most other Middle Eastern countries, the biggest and the most lucrative employers come from the petroleum, tourism and banking industry.

9. Kuwait

Score: -42 points;

HSBC ranking: 6 (60 points);

Word Bank Doing Business ranking: 102 (-102 points);

Although over 80% of Kuwait’s workforce is made out foreigners, this country imposed several strict immigration bans in the last couple of years. Unlike Saudi Arabia, Kuwait’s business and social culture are largely influenced by Western traditions. That is why expats who manage to reach Kuwait will find a booming oil and financial sector and plenty of lucrative jobs. Although Kuwait has an open economy, the country ranks very bad on the World Bank’s Doing Business list, mainly because of the strict laws that control new entrepreneurs and trading across the borders.

8. Qatar

Score: -13 points;

HSBC ranking: 5 (70 points);

Word Bank Doing Business ranking: 83 (-83 points);

Expats from various countries make up the majority of the population in this small country. Same as all other highly developed Middle Eastern countries Qatar strongly relies on oil exports and petroleum industry. It is also the home of one of the most popular airlines in the world, which connects Qatar’s capital Doha with dozens of Western and Asian cities. The highest-paying jobs in Qatar are in petroleum, construction and tourism industry. Many architects and construction experts have taken part in the infrastructural preparations for the FIFA World Cup. Doing business in Qatar is a slow, tiresome and possibly painful experience, which is why this country has a relatively low ‘Doing Business’ rating. Recently several Arab countries imposed very strict sanctions on Qatar exports, which made cross-border trading even more difficult.

7. Saudi Arabia

Score: -4 points;

HSBC ranking: 3 (90 points);

Word Bank Doing Business ranking: 94 (-94 points);

Apart from being among the top three countries, when it comes to oil extraction, Saudi Arabia is also known for very strict laws that are sometimes very hard to understand for Western expats. That is why it is not advisable for people to move to Saudi Arabia for opening a business, although some big international companies, like Uber, had received huge government grants. Still, very high salaries in both domestic and international companies, make Saudi Arabia one of the best countries to make money fast.

6. The United Arab Emirates

Score: 6 points;

HSBC ranking: 9 (30 points);

Word Bank Doing Business ranking: 26 (-26 points);

The United Arab Emirates is the highest ranked Middle Eastern monarchy on our  list of the best countries to make money fast. Most of these countries found their place on the list because of the highly developed petroleum industry, which drives all other business niches and offers employment and high salaries to expats from all over the world. Dubai and Abu Dhabi, UAE’s biggest emirates are also very important transportation hubs and tourist destinations. Emirates are also known for huge construction projects, and as a place where the architecture and construction experts can earn three-figure salaries.

5. Singapore

Score: 38 points;

HSBC ranking: 8 (40 points);

Word Bank Doing Business ranking: 2 (-2 points);

Singapore is an offshore haven, which hosts many foreign enterprises. The government of this small country is attracting both investors and skilled foreign experts with business grants, low taxes, and high average salaries. Many international corporations decide to use Singapore as their Southeast-Asian headquarters. Most expats find jobs in banks, insurance, Forex and transportation companies and financial institutions. Singapore’s port is also one of the biggest transportation hubs for various types of affordable Asian goods.

4. Sweden

Score: 41 points;

HSBC ranking: 7 (50 points);

Word Bank Doing Business ranking: 9 (-9 points);

Sweden that ranked 4th on our list of best countries to make money fast is a well-known destination for both entrepreneurs and experts in various fields. Some of the biggest international companies, like IKEA, Eriksson, and Tetrapak, originated from Sweden. The country offers fast and transparent bureaucracy and a long list of grants to both foreign and local entrepreneurs and investors. Sweden also has a very high average salary, which is why it is one of the most desirable destinations for immigrants from Europe, Africa, and the Middle East. Still, like most Scandinavian countries Sweden enforces a very strict immigration control.

3. Germany

Score: 63 points;

HSBC ranking: 4 (80 points);

Word Bank Doing Business ranking: 17 (-17 points);

We are continuing our list of best countries to make money fast with Germany that is one of the world’s biggest economies. At the moment the country’s policies are trying to curb the illegal and unskilled migration, but the experts have great opportunities to find jobs in industries that feature the shortage of skilled labor. German IT industry is huge, and companies are constantly looking for new staff across the European continent. Many high-paid expats also work as representatives of big international companies. Germany’s tax system is not as transparent as the one in Scandinavian countries or Switzerland, but starting a business is still fairly simple. Opening a company in Germany gives you the access to a huge and highly profitable EU market.

2. Switzerland

Score: 79 points;

HSBC ranking: 1 (110 points);

Word Bank Doing Business ranking: 31 (-31 points);

When talking about Switzerland, the next on our list of best countries to make money fast, most people think about Alpine villages, high up in the mountains. Still, this country has more than a few bustling cities, which are usually ranked as the biggest and the busiest European business centers. Most experts move to Switzerland to work in the banking sector or to take various positions within the UN and other world organizations. These jobs guarantee very high salaries, which is one of the reasons why Switzerland took the first place on the HSBC’s income list. Like most European countries on the list Switzerland can be proud of its punctual transportation system and good welfare laws, but starting a business there is more difficult than in other Western countries, due to a lack of provisions that protect minority investors.

1. Norway

Score: 94 points;

HSBC ranking: 2 (100 points);

Word Bank Doing Business ranking: 6 (-6 points);

Norway is the definite winner of our list of the best countries to make money fast. ‘The Land of the Midnight Sun’ has a very strong job market, which is mainly supported by the oil production and exporting and the IT sector. Most expats are moving to Norway to work in the IT, or oil companies. Jobs in petroleum industry often include the work in a difficult and dangerous environment, primarily on the off-shore platforms or far up in the north. Still, since Norway is one of the countries that offer the best benefits to both expats and the local people, these difficulties can drastically boost employee’s earnings. The salary margin between the white and the blue collar jobs in Norway is very narrow, and the country has one of the most transparent and efficient tax and social welfare systems in the world.