In today’s increasingly globalised society, more and more people are crossing geographical borders to live and work overseas, especially the younger generation or Millennials. In the pursuit of achieving better personal and career opportunities, many young talents are willing to move abroad and start a new life. In fact, according to the World Economic Forum, 4 out of 5 millennials would be willing to relocate internationally for work.
Top 5 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 report analysis indicates that Singapore’s thriving economy provides strong job opportunities for young people. For example, the city had the highest GDP per capita (S$79,000) and the second lowest unemployment rates (2.2 percent total, 3.96 percent 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 in the rankings for the best cities for millennials. 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 percent and GDP per capita is among the highest of the locations in the study at about S$53,000. Additionally, it is estimated that residents spend less of their income on rent compared to residents of other cities, at about 27 percent. Finally, Tokyo ranked extremely well in terms of low pollution and safety, putting it in the top 5 for overall quality of living.
3. Hong Kong
Hong Kong ranked third according to the review. The city stands out due to its strong economy, with low unemployment (2.8 percent total, 8.12 percent youth) and high GDP per capita (approximately S$63,000). It also appears to be a healthy city, given its incredibly high life expectancy (84.2 years) and low child mortality rate (0.27 percent). On the other hand, the city is still quite expensive. It is estimated that residents spend about 31 percent of their income on rent, which represents a relatively high financial burden for young people.
Guangzhou is fourth in the ranks of best cities for millennials, which was primarily due to its low cost of living. In fact, the city was one of the most affordable cities. For example, the average cost of a pint of beer in Guangzhou is just S$1.22, and it is estimated the average resident spends only 22 percent of their income on rent. Unfortunately, for residents of Guangzhou, pollution is relatively high compared to other cities in the study.
Australia’s second largest city, Melbourne, rounds out the study’s top 5 cities for millennials. Melbourne 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. The study estimated that residents spend about 20 percent of their income on rent, on average. The downside of life in Melbourne is that unemployment rates in Australia are higher (5 percent overall, 12.49 percent youth) than those in other countries in the list.