A significant share of American Millionaires has considered jobs and economic opportunities overseas. Learn more.
The quest for better economic opportunity has prompted a significant share of American Millionaires to consider jobs in other countries, according to the latest monthly survey from Spectrem’s Millionaire Corner.
Close to one-fourth of Millionaires surveyed in March indicate they’ve considered applying for a job overseas, or have or a friend or family member who’s thinking of working abroad. The trend is most pronounced among corporate executives (27 percent) and the biggest earners - investors who report an annual income of $200,000 or more (30 percent).
Investors under the age of 40 are also more apt to think about joining the estimated 6.32 million Americans living overseas. According to the Association of Americans Resident Overseas, roughly 2.6 million Americans are estimated to live in Canada, Mexico, Latin American and South America and another 1.6 million in Europe. Roughly 870,000 reside in the Near East, 864,000 in East Asia and Pacifica, and 212,000 in South Central Asia.
Corporate executives surveyed by Millionaire Corner cite better career opportunities (89 percent) and better economic opportunities (56 percent) as the primary reasons they would consider an overseas position. One-third perceives more job openings overseas.
Younger investors – those ages 40 and younger – tend to identify similar reasons for looking for work outside the U.S., but more than one-third indicate they are unable to find a career-track job in the U.S. Investors who describe themselves as very aggressive or aggressive – willing to assume a high level of investment risk – are the most likely to indicate they would seek work overseas out of a sense of adventure (36 percent) or because they do not like the direction the United States is going in (36 percent).
One-third of young Americans would also consider retiring overseas.
Americans working overseas typically need a work permit and work visa. The process of obtaining the required documents can be a very time-consuming one taking up to six months in some countries, according to the website OverseasJobs.com.