ValueChampion, a research company, has recognised Singapore as Asia-Pacific’s most millennial-friendly city.
Tokyo placed second while Hong Kong ranked the third-best destination for millennials to move in.
The research firm evaluated different public data, along with 20 Asia-Pacific cities that were considered most suitable for millennials based on potential job opportunities, living costs, and quality of life.
Joining the top five best destinations were Guangzhou (China) and Melbourne (Australia), respectively.
In a report, led by William Hofmann, ValueChampion senior research analyst, cited most millennials consider Singapore as the best city to seek better careers and achieve the quality of life that many young professionals aspire for.
The report added Singapore’s thriving economy has various job opportunities fit for young workforce.
The study noted the Lion City posted the lowest disparity in terms of gender wage rate and the second-lowest job rate among the 20 cities analysed. Overall, it registered 2.2% while 3.96% for young professionals. This indicates the ease of looking for high-paying jobs in Singapore.
What makes Singapore so distinct to other cities were its language diversity and its global prominence as a finance hub in the Asia Pacific region. Also, it is an ideal place for start-up firms.
Hong Kong fared well in the rankings as a result of its strong economy and high employment rate with 2.8% overall while 8.12% for the young workers.
At the same time, the Singapore-based research firm cited Hong Kong has “very good” health indicators with its citizens’ life expectancy of at least 84.2 years old.
However, their negative indicators for Hongkong were its cost of living (ninth place) and quality of life (sixth in ranking). Most residents of the city have to pay about 31% of their salaries on house rents, which are putting a toll on young people starting their careers.
Guangzhou, situated in Guangdong Province, China was one in the top five most affordable cities, as cited by the report.
The study evaluated the housing cost and used the average price of a pint of beer to determine the basic entertainment costs for the general cost of living.
Hoffman cited Guangzhou was, in general, an affordable city with its relatively high GDP per capita in China and very low rental fees and beer prices.
On average, as Guangzhou resident pays about 22% of their salaries on rent. It was found the second-cheapest city to purchase a beer at around S$1.22 (US$0.9) per pint.
The study showed that Hong Kong sells the most expensive beer at a cost of S$12.19 (US$8.97) per average pint.
Data sources used in the evaluation came from the World Bank, Deutsche Bank, and the World Health Organisation. Some of the key indicators the methodology analysis consisted of GDP growth rates, GDP per capita, low job rates and average monthly house rental fees for a 39sqm space.