Asia is the world’s millennial hub, home to a staggering 58 percent of the world’s 20- to 38-year-old population.
best set up for millennial living. Using data from The Economist, the World Economic Forum and the World Health Organization and others, the study measured each of the cities according to three key metrics: Employment prospects; cost of living; and quality of life. It then averaged out each of the city’s overall scores to establish its final ranking.
Here are the cities ranked best for millennials:
Australia’s second largest city benefits from a vibrant arts scene, iconic sports stadiums and good proximity to the coast, granting it second place overall for for quality of life. Meanwhile, its relative affordability — residents spend an estimated 20 percent of their income on rent — gave it a strong third place for cost of living.
Work prospects pulled the city down, however. With an above average unemployment rate of 5 percent, Melbourne fell into the lowest quartile for employment prospects, scoring a joint 18th place with Sydney and coming in just ahead of Jakarta, Indonesia.
The mega-city scored top marks for affordability and ranked in joint first position alongside South Korea’s Seoul. By the estimates of ValueChampion, the average resident spends a moderate 22 percent of their income on rent.
Guangzhou lagged behind on employment prospects and quality of life, however, coming in seventh and 11th place respectively, largely due to China’s average unemployment rate and high pollution levels.
Noted as one of Asia’s foremost economic hubs, the Chinese administrative district secured third place for employment prospects. Meanwhile, high life expectancy and plenty of entertainment options saw Hong Kong score a respectable sixth place for quality of life.
With residents spending an average of 31 percent of their income on rent, however, the city scored a mediocre ninth place for cost of living, putting it in line with the likes of Auckland, New Zealand.
A bustling business district and a modest 2.5 percent unemployment rate saw the city score a respectable fifth place in terms of employment prospects. Elsewhere, low pollution and crime levels caused the city to score equally well for quality of life.
High living costs meant Tokyo to fell behind other cities, however. Though residents spend an estimated 27 percent of their income on rent — lower than the average, according to ValueChampion — those savings are typically quashed by high transport, grocery and entertainment costs.
Topping the ranks in ValueChampion’s study was the Southeast Asian nation of Singapore.
Despite its small size, the city-state punches above its weight economically, recording the highest GDP per capita ($58,000) of all cities studied. That, added to its low unemployment rate of just 2.2 percent and an accommodative business environment, pushed Singapore to first place for employment prospects.
Meanwhile, Singapore’s low levels of pollution, high safety levels, lively entertainment scene and local travel options meant it stole the top spot for quality of life too.
Those perks come at a cost, though. The city at the center of 2018’s Hollywood blockbuster “Crazy Rich Asians” scored relatively poorly in terms of cost of living, emerging in seventh place, far behind the likes of Taipei, Taiwan.
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