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#4. Tokyo, Japan
Next in the list is Tokyo—the capital of Japan. A throbbing and dynamic metropolis of Asia, Tokyo happens to be the first mega-city.
Tokyo Region is the second largest single metropolitan area in the world regarding built-up or urban function landmass trailed by New York.
It has the largest urban economy in the world, with a total GDP (nominal) of approximately $2 trillion (2008). According to research published by PricewaterhouseCoopers (PwC), Tokyo registered the largest urban agglomeration GDP in the world.
Today, booming with all sorts of activities, Tokyo is ranked as the third highest economy in the world by nominal GDP and the fourth largest by purchasing power parity (PPP). The city is also home to several Fortune 500 companies, including brands like Canon, Sony, and Honda. And now with the presence of global IT companies like Google and Microsoft, Tokyo’s demand has shot up highly among Asian millennials.
The fact that the city is home to a large number of young individuals proves the point; it is one of the favored global cities by millennials.
Since the Japanese society lays great emphasis on freedom and fairness, the usual work environment offers valuable benefits as you begin your journey as a professional in the city. Business operations can be conducted with peace as Japan provides the highest level of protection of intellectual property rights in Asia.
The city’s excellent transport network (subways and private railway lines), good pay packages and a substantially high profile lifestyle, attracts young professionals to this global city of Asia.
However, an upsurge in the ageing population of the city has become a matter of concern in the recent past.
Next in line is the port city of Singapore. Often referred to as one of the Four Asian Tigers (along with Hong Kong, Taiwan, and South Korea), Singapore, happens to be the most preferred global cities for doing business. The city’s highly developed trade oriented open market economy makes it highly pro-business. Needless to say, the region registers a very high GDP growth (14.2%) and has the third highest per capita income GDP in the world regarding Purchasing Power Parity (PPP).
To preserve its international standing and foster its economic opulence in the 21st century, Singapore government has taken steps to promote innovation, encourage entrepreneurship, re-train its workforce, and even attract talent from foreign lands. To attract an international workforce; currently, the government issues Employment Pass (EP) under three categories. The Ministry of Manpower (MoM) oversees the matter related to immigration of foreign workers. These actions aim to boost Singapore’s productivity, so the city remains competitive and forever ready for the challenges that may loom over a global economy.
Home to all the key multinational corporations, right from Google, Apple and Facebook to Philips, Sony, and Walt Disney—Singapore’s employment opportunities have only added to its overall economic growth. Clubbed with this, is the substantially low-pay tax structure and a great enough lifestyle, make the city all the more attractive towards the millennial workforce.
#6. Dubai, UAE
One of the latest entries in the list of Global cities happens to be Dubai. Right now, it seems to represent three moments—first, one of the last wheezes of the oil ethos; second, the rise of international business and commerce as a way to govern society. And third, also most significantly, the transference in the world’s economy from advanced markets toward evolving markets.
The city has witnessed extraordinary progress roughly in the past two and a half decades and is assisted by the fact that it has low corporate taxes, zero income tax, and therefore a comparatively affordable cost of living.
Combined with this are a peerless infrastructure and ever-improving quality of life, Dubai continues to scale heights in the economic sphere. The oil industry was Dubai’s economic background till some time ago before the government chose to diversify into other industries such as banking and financial services, tourism and construction, trade and finance, and others. Needless to say, the efforts generated significant results as these industries today account for the maximum employment generation in Dubai. With IT giants such as Microsoft, Google, Facebook, Hewlett-Packard, IBM and Oracle Corporations establishing their operational bases here, new job opportunities have received a shot in the arm. In fact, such a boost has transformed Dubai into an international city of the 21st century.
However, the climatic conditions happen to be Dubai’s Achilles’, Heel. Its weakest performance in a PwC report happens to be sustainability, and the natural environment is a reminder of the resident’s extreme dependency on air conditioning and desalinated water.
There are scores of other cities which can be listed here; however, these six currently hold my imagination like no other.