New Zealand brain-drain worst in world

New Zealand has the worst record among the developed nations for retaining its skilled workers, with nearly a quarter of them having left the country, a World Bank study has revealed.

The country's brain drain is 10 times larger than that of neighbouring Australia where only 2.5 percent of graduates live outside their homeland.

It is calculated that for every skilled worker that leaves, the government loses US$10,000 through foregone taxes and education and healthcare costs.

Highly-skilled Kiwi migrants earn an average US$116,000, compared to an average US$65,000 New Zealand salary.

A spokesperson for the New Zealand Society, a dining club for New Zealanders in London said: "It's a bit of a mixed message really. While a high proportion of people leave, a high proportion also return to settle. Also it's often the case that many, while living outside New Zealand, return to visit and boost the economy through tourism."

Earlier this year New Zealand government announced personal tax cuts in a bid to halt the brain drain.

Source: Telegraph