The global financial consultancy organisation, the deVere Group has published a study into the top relocation destinations for UK young professionals and Hong Kong came out as number 1. The following cities comprised the top five destinations in the poll:
- Hong Kong
- New York
- Cape Town
Other popular locations of interest noted in the survey as possible overseas destinations included Abu Dhabi and Tokyo among others.
The list is dominated by the world’s largest business hubs and cities which could be classed as ‘global cities’. Living in a business hub has advantages for expatriates, namely good infrastructure for travel and career opportunities.
Almost 8 out of 10 people surveyed in the study said that they have seriously considered, are considering or could be tempted to move abroad.
The CEO of deVere Group, Nigel Green, said that young professionals in the UK are likely to be looking for destinations where they can get the best remuneration package as well as favourable personal tax rates. Low personal taxation is a common reason for emigration to the UAE by British nationals.
It seems evident that there are both push and pull factors at work with regards to emigration from the UK by British professionals. UK Government policy concerning taxation also has an impact on British professionals deciding to stay or leave the UK.
Nigel Green also noted that the top destinations have common characteristics i.e. they all have large expat communities, good ICT and infrastructure including good transport links to the UK. He also suggested that Hong Kong is slightly higher than the other destinations in the survey due to a slight increase in familiarity of it as a business location as a former British colony.
The survey demonstrates what some academics will fear will become a UK brain drain. In fact, a summit was held in February of this year with regards to if the UK should have an emigration policy to combat this trend. This has occurred in other countries such as Malaysia who set up a Talent Corporation with the purpose of encouraging Malaysians who had moved abroad to return home. The organisation also encouraged skilled professionals to remain living at home. Around 5 million British citizens live abroad at the moment and the majority are of working age.
The survey polled hundreds of UK professionals under the age of 35. Further information about the study can be found here: Young UK professionals vote Hong Kong as number one relocation city.