The Best Work-Life Balance in Asia for Thailand's Wealthy Elite
According to a survey conducted by a Geneva-based private bank, Singapore's affluent population appears to be the least content with their current work-life balance when compared to their peers in other parts of the Asia-Pacific region.
Only 30% of individuals in Singapore with an investable wealth exceeding $1 million reported being satisfied with their work-life balance. This percentage is the lowest among high-net-worth individuals surveyed in the region by Banque Lombard Odier & Cie, based in Switzerland.
In contrast, Thailand took the top spot in the ranking with 72.7% of respondents expressing satisfaction, closely followed by Australia, as indicated by the study published on Thursday.
The prevalence of dissatisfaction among millionaires in Singapore can, in part, be attributed to the amount of time they spend working. The report reveals that 26% of Singaporeans frequently work overtime, which is significantly higher than other nations in the region.
Singapore holds the record for the longest weekly working hours, averaging 45 hours, across the ten Asian-Pacific locations surveyed. This data is based on research conducted by The Instant Group, a London-based flexible workspace company.
Nonetheless, there is an emerging perception that the younger generation in Singapore may shift away from the prevailing "work is life/life is work" mentality, especially with Asia on the brink of a substantial wealth transfer, as highlighted in the Lombard Odier report.
The private bank surveyed more than 460 high-net-worth individuals in Singapore, Hong Kong, Japan, Thailand, the Philippines, Taiwan, and Australia during May and June.
The rankings results are as follows:
Thailand: 72.7% Australia: 68.0% Philippines: 64.3% Hong Kong: 52.8% Japan: 48.8% Taiwan: 41.3% Singapore: 30.0%
