Young British professionals would forsake New York City for a different bit of the old Empire.
A new deVere Group poll of the firm’s UK-based clients under 35 claims the former Crown Colony of Hong Kong is the young British turks’ top choice for relocating overseas.
Hong Kong, with a popularity rating of 26 percent, is followed closely by oil-rich Dubai (23 percent). New York came in third (19 percent), trailed by Cape Town (15 percent) and Sydney (7 percent).
Some analysts are not surprised by the results.
“Perhaps the reason Hong Kong ranked just slightly ahead of Dubai is due to it being arguably more familiar in business terms because of its former British colony status,” said Nigel Green, founder and CEO of deVere Group, a financial advisory.
But a more compelling reason is provided by a separate survey of 12 cities worldwide by real estate outfit Savills.
New York is the most expensive place for employees to live and work, the recent survey revealed.
Young British professionals are understandably looking abroad for a more affordable and well-compensated alternative. And London itself doesn’t come close — it’s tied with New York as the most expensive city.
Gotham just doesn’t rise to the top. “Bearing these important ‘pull’ factors in mind,” Green said, “it makes perfect sense that Hong Kong and Dubai topped the poll. ”