With the UK cost of living rising, 4.5 million workers are considering moving abroad for a better quality of life. So where can you earn the biggest reward for your hard work? To find out, we analysed the average salary for the top 10 most in-demand jobs vs the cost of living across different cities.
More Young UK Workers are Considering Moving Abroad
Of the millions of UK workers looking to move to countries where they can stretch their money further, 30% are in the 18-24 age group.
When giving their reasons, the top motivations were:
- Improved quality of life (64%)
- The cost of living in the UK (43%)
- Wanting to travel more (43%)
- Better career opportunities in their chosen industry (20%)
If you’re considering a move for your career and earning potential, success largely depends on the industry you work in. Looking at the top 10 most popular professions by global search volume, some cities offer much higher earning potential than others.
Top Cities to Earn & Live: APAC Cities Lead the Way
Shanghai, Tokyo and Osaka take top positions as the best cities to earn and live in, when comparing salaries to the cost of living (COL) and the cost of accommodation (COA) per year.
Best City to Work per Industry
Industry | City | Salary | COL | Total COL (Incl. COA) | Total COL vs. Salary |
---|---|---|---|---|---|
Chef | Shanghai | £142,242 | £8,140 | £8,567 | 6% |
Pharmacist | Tokyo | £87,893 | £9,304 | £10,063 | 11% |
Doctor | Tokyo | £86,413 | £9,304 | £10,063 | 12% |
Doctor | Osaka | £119,707 | £9,054 | £12,371 | 12% |
Psychologist | Tokyo | £61,278 | £9,304 | £10,063 | 16% |
Software Engineer | Tokyo | £41,721 | £8,140 | £8,567 | 21% |
Architect | Tokyo | £43,574 | £9,304 | £10,063 | 23% |
Accountant | Shanghai | £36,780 | £8,140 | £8,567 | 23% |
Software Developer | Tokyo | £40,514 | £9,304 | £10,063 | 25% |
Welder | Tokyo | £36,000 | £9,304 | £10,063 | 28% |
Nurse | Tokyo | £30,327 | £9,304 | £10,063 | 33% |
Among the professions in these top cities, nurses working in Tokyo have the highest total cost of living vs. salary at 33%, while chefs based in Shanghai take home the most cash, with the gap between their total cost of living and their salary being just 6%.
On the flip side, Seoul is the worst city to earn and live in for pharmacists and accountants, with the highest total cost of living vs. the lowest salaries. And, while Shanghai is the best city for chefs and accountants, it’s the worst-earning city for doctors, software developers and architects.
Worst City to Work per Industry
Industry | City | Salary | COL | Total COL (Incl. COA) | Total COL vs. Salary |
---|---|---|---|---|---|
Pharmacist | Seoul | £334 | £13,103 | £13,180 | 3,943% |
Accountant | Seoul | £387 | £13,103 | £13,180 | 3,405% |
Software Developer | Shanghai | £2,012 | £8,140 | £8,567 | 426% |
Doctor | Shanghai | £2,044 | £8,140 | £8,567 | 419% |
Architect | Shanghai | £2,448 | £8,140 | £8,567 | 350% |
Welder | Moscow | £7,326 | £6,414 | £13,047 | 178% |
Nurse | Moscow | £7,765 | £6,414 | £13,047 | 168% |
Software Engineer | New York City | £40,514 | £16,864 | £55,893 | 138% |
Chef | London | £30,985 | £14,909 | £40,235 | 130% |
Psychologist | Moscow | £12,497 | £6,414 | £13,047 | 104% |
Moscow also makes a few appearances on the ‘worst cities’ list, with welders, nurses and psychologists earning the lowest salaries vs. the city’s cost of living and accommodation.
It’s interesting to note that while chefs in Shanghai are thriving, those in London are struggling with a salary vs. cost of living percentage at 104%. Will we start seeing a trend of London workers in the food industry taking their culinary skills to greener pastures?
Top Industries to Work in Globally
Looking at the most popular industries across GDP countries, welders, accountants and nurses fare the best when it comes to earnings vs. expenses. Doctors, pharmacists and chefs are on the lower end of the spectrum globally.
Best Areas to Work in Globally (across GDP Cities)
Industry | Average Salary | Average COL (Incl. COA) | Avg. COL vs. Avg. Salary | Avg. COL vs. Avg. Salary |
---|---|---|---|---|
Welder | £31,839 | £25,951 | £5,888 | 18% |
Accountant | £44,595 | £25,951 | £18,644 | 42% |
Nurse | £46,902 | £25,951 | £20,951 | 45% |
Software Developer | £54,182 | £25,951 | £28,231 | 52% |
Psychologist | £55,096 | £25,951 | £29,145 | 53% |
Software Engineer | £58,079 | £25,951 | £32,128 | 55% |
Architect | £58,466 | £25,951 | £32,515 | 56% |
Pharmacist | £62,932 | £25,951 | £36,981 | 59% |
Chef | £68,720 | £25,951 | £42,769 | 62% |
Doctor | £93,968 | £25,951 | £68,017 | 72% |
Best Cities to Work in per Industry
If you’re working in one of the most popular global industries and wondering where to base your operations, you could find yourself making your home in Tokyo, Osaka or Shanghai. Going by total salary vs total cost of living, here are the top 3 cities for those in the top 5 industries to work and live:
Best Cities to be a Welder
City | Salary | COL | Total COL (Incl. COA) | Total COL vs Salary |
---|---|---|---|---|
Tokyo | £36,000 | £9,304 | £10,063 | 28% |
Osaka | £35,289 | £9,054 | £14,371 | 41% |
Shanghai | £18,994 | £8,140 | £8,567 | 45% |
Best Cities to be an Accountant
City | Salary | COL | Total COL (Incl. COA) | Total COL vs Salary |
---|---|---|---|---|
Tokyo | £36,000 | £9,304 | £10,063 | 28% |
Osaka | £35,289 | £9,054 | £14,371 | 41% |
Shanghai | £18,994 | £8,140 | £8,567 | 45% |
Best Cities to be a Nurse
City | Salary | COL | Total COL (Incl. COA) | Total COL vs Salary |
---|---|---|---|---|
Osaka | £55,413 | £9,054 | £14,371 | 26% |
Shanghai | £26,923 | £8,140 | £8,567 | 32% |
Tokyo | £30,327 | £9,304 | £10,063 | 33% |
Best Cities to be a Software Developer
City | Salary | COL (£) | Total COL (Incl. COA) | Total COL vs Salary |
---|---|---|---|---|
Tokyo | £40, 514 | £9,304 | £10,063 | 25% |
New York City | £94, 612 | £16,864 | £55,893 | 59% |
Los Angeles | £94, 531 | £14,586 | £40,394 | 43% |
Best Cities to be a Psychologist
City | Salary | COL | Total COL (Incl. COA) | Total COL vs Salary |
---|---|---|---|---|
Tokyo | £61,278 | £9,304 | £10,063 | 16% |
Osaka | £61,278 | £9,054 | £14,371 | 23% |
Shanghai | £31,749 | £8,140 | £8,567 | 27% |
Tokyo-based psychologists come out on top, with salary vs. cost of living at 16%. Tokyo is also the best-earning city for software developers, accountants and welders.
So what can expats expect when relocating to one of these top-paying cities?
Both Tokyo and Osaka have a high quality of life index, scoring well for safety, climate, cost of living and purchasing power. However, Shanghai was ranked as having a low quality of life; despite the low cost of living, good safety and good healthcare, the city has high pollution levels and a long commute time. Property prices in Shanghai are also very high.
In the Global Livability Index for 2021, Osaka ranked second and Tokyo ranked fourth. Cities were scored on factors like stability, infrastructure, culture and healthcare. The Time Out Index Survey also saw Tokyo ranked as one of the world’s top cities in 2022. Despite this high quality of life however, it’s not all smooth sailing. The Internations Expat City Ranking places Tokyo in the bottom ten cities for expats. Many workers said they struggled to find work satisfaction and work-life balance.
While taking home a substantial paycheck is a great benefit, satisfaction with your job is also important, and a lack of work-life balance can lead to burnout. It’s important to do your research before moving to one of these top-paying cities, so you can decide whether a higher salary will be worth the lack of other factors.
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