Singapore is essentially the most millennial-friendly city within the Asia-Pacific region, and Hong Kong is the third best place for young people to maneuver, in accordance with a brand new study.
Research company Champion of values analyzed various public data and ranked 20 cities within the Asia-Pacific region that best meet the needs of millennials, based on job prospects, costs and quality of life.
Singapore is followed by Tokyo, Hong Kong, Guangzhou and Melbourne respectively.
“Singapore is the perfect city for millennials seeking to construct a profession and revel in a wonderful quality of life. Our evaluation shows that Singapore’s thriving economy provides strong employment opportunities for young people,” the corporate’s senior research analyst William Hofmann said within the report.
This city had the bottom gender pay gap and the second-lowest unemployment rate of the 20 cities – 2.2% overall. and three.96 percent amongst young people – which suggests that, in accordance with the study, it could be easier to search out a well-paid job.
Other aspects that made Singapore stand out were its diversity of languages and its repute as a world financial center and an excellent location for start-ups.
Hong Kong performed well because of a robust economy and low unemployment rate – 2.8% overall and eight.12% for youth.
Scientists from the Singapore company also noted Hong Kong’s “excellent” health indicators, including a protracted life expectancy of 84.2 years.
However, town was lower in individual rankings when it comes to cost of living (ninth) and quality of life (sixth). It was estimated that residents spend about 31% on rent. their salary, which can discourage young people.
Guangzhou in China’s Guangdong province made the highest five primarily since it was one among the most affordable cities.
The study focused on analyzing housing costs and using the common price of a pint of beer as a proxy for entertainment costs to find out the associated fee of living.
“We found Guangzhou to be a particularly affordable city, given China’s relatively high GDP per capita and very low rent and beer prices,” Hofmann said.
The costliest beer on offer was in Hong Kong, with a median pint costing S$12.19.
The research methodology was based on data from sources akin to the World Bank, Deutsche Bank and the World Health Organization. Key aspects included within the evaluation included GDP growth rate, GDP per capita, unemployment rate and average monthly rent for a 39 square meter living space.
Millennials were defined as anyone born between 1981 and 1996 – people aged 23 to 38 in 2019 – as defined by the Pew Research Center.
Hofmann acknowledged that the evaluation had its limitations and was simplified to more broadly illustrate affordability, living conditions and labor markets.
Many young people determine to maneuver in quest of higher profession opportunities abroad.
Source : South China Morning Mail | TODAY on the Internet
