Singapore is the most millennial-friendly city in the APAC region, with Hong Kong ranking as the third-best place for young people to move to, as per a study by research firm ValueChampion. The report analyzed a variety of public data and ranked 20 APAC cities that were the best fit for millennials based on employment prospects, cost of living and quality of life.
After Singapore next on the list came Tokyo, Hong Kong, Guangzhou, and Melbourne respectively.
Senior research analyst William Hofmann stated, “Singapore is the best city for millennials seeking to build a career and enjoy a great quality of life. Our analysis indicates that Singapore’s thriving economy provides strong job opportunities for young people.”
Singapore had the lowest gender wage gap and the second-lowest unemployment rate among the 20 cities – 2.2 percent overall and 3.96 percent for youth. This means it may be easier to find well-paying jobs in the city. In addition, other factors that made Singapore top the list were its diversity of languages and its reputation as a global finance hub and an ideal location for startups.
Hong Kong scored well due to its strong economy and the low unemployment rate – 2.8 percent overall and 8.12 percent for youth. However, the city had lower individual rankings for its cost of living (9th) and quality of life (6th). It estimated that residents spend about 31 percent of their salary on rent, which may deter young people.
Guangzhou, in China’s Guangdong province, made it into the top five as it was one of the most affordable cities.
The study focused on analyzing the cost of housing and using the average price of a pint of beer as a proxy for entertainment costs, to arrive at the cost of living. The study’s methodology was based on data from sources such as the World Bank, Deutsche Bank, and the World Health Organisation. Some of the key factors the analysis considered were GDP growth rates, GDP per capita, unemployment rates and average monthly rent for a 39 square metre living space.
It defined as a millennial anyone born between 1981 and 1996 – people aged 23 to 38 in 2019 – the definition used at the Pew Research Centre.
Hofmann, however, added that the analysis had its limitations and was simplified to broadly illustrate affordability, livability and job markets given that many young people choose to relocate and seek better career opportunities abroad. Recently, Singapore was also ranked at the top as the best place to raise a child or be a parent in Asia in a study by Money Guru’s latest global parenting index that ranks the best (and worst) places in the world to raise a child.