SINGAPORE, 26 February 2019: Millennials are more likely to be able to choose the city they want to live and work in, a Value Champion study asserts claiming its research identifies the best options in Asia-Pacific based on economic and social factors.
Based on World Economic Forum data that found four out of five millennials would be willing to relocate internationally for work, Value Champion conducted a wide ranging data analysis of 20 Asia-Pacific’s cities to narrow down the best options.
Singapore’s robust economy makes it a great place for young people to find jobs with start-ups and other employers.
After adjusting for per capita GDP, it is estimated that the cost of living is the lowest in Seoul and Guangzhou where entertainment and rent are relatively inexpensive.
Singapore and Melbourne topped the list for high quality of life due to their low pollution, strong health indicators and high level of safety.
Top five Cities for Millennials
According to publicly available data, Singapore is the best city for millennials seeking to build a career and enjoy a great quality of life. The analysis indicates that Singapore’s thriving economy provides strong job opportunities for young people. For example, the city had the highest GDP per capita (SGD79,000) and the second lowest unemployment rates (2.2% total, 3.96% for youth) of the 20 cities studied, which suggests that individuals living in Singapore may find relatively easier to find good paying jobs.
Furthermore, Singapore had the lowest gender wage gap. Additionally, Singapore’s low levels of pollution (4th) and high safety ratings (2nd) make it a great place for anyone to call home.
Tokyo came in second. Japan’s capital city has a great balance between a strong economy, reasonable cost of living and nice living environment. For example, the country’s unemployment rate is just 2.5% and GDP per capita is among the highest of the locations in the study at about SGD53,000. Additionally, it was estimated that residents spend less of their income on rent compared to residents of other cities, at about 27%. Finally, Tokyo ranked extremely well in terms of low pollution and safety, putting it in the top five for overall quality of living.
3. Hong Kong
Hong Kong ranked third and stands out due to its strong economy, with low unemployment (2.8% total, 8.12% youth) and high GDP per capita (approximately SGD63,000). It also appears to be a healthy city, given its incredibly high life expectancy (84.2 years) and low child mortality rate (0.27%). On the other hand, the city is still quite expensive. Residents spend about 31% of their income on rent, which represents a relatively high financial burden for young people.
Guangzhou is fourth primarily due to its low cost of living. In fact, the city was one of the most affordable cities in the review. For example, the average cost of a pint of beer in Guangzhou is just SGD1.22, and the average resident spends only 22% of their income on rent. Unfortunately, for residents of Guangzhou, pollution is relatively high compared to other cities.
Australia’s second largest city has very low levels of pollution and was ranked highly by the Global Peace Index, both of which suggest it would be a great environment to live in. Additionally, Melbourne appears to be a relatively affordable place to live. Residents spend about 20% of their income on rent, on average. The downside of life in Melbourne is that unemployment rates in Australia are higher (5% overall, 12.49% youth) than those in other countries the list.
(Source: William Hofmann, Value Champion)
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