In this study, the cities were chosen based on the following factors:
- Intellectual capital and innovation 2. Technology readiness 3. Transportation and infrastructure 4. Health, safety and security 5. Sustainability and the natural environment 6. Economic clout 7. Ease of doing business 8. Cost 9. Demographics and livability, and 10. City Gateway For a full description of these factors, you can download the report here.
1. New York
Most jobs in New York are in Financial and Business Services and Healthcare
Originally named New Amsterdam, after its humble beginnings as a Dutch trading post, New York, while not actually topping of any of the economic indicator lists, did well enough in ten of them – including intellectual capital and innovation, global connections, city gateway, and technology readiness – that it earned the #1 place in the 2012 Cities of Opportunity Report. According to the same report, between now and 2025, New York will add plenty of jobs in a global economy that favors good education and connection. However, if technology takes a hit or protectionism puts the kibosh on trade, New York will eliminate as many jobs as it created. If you’re in the healthcare field or love doing business, and appreciate smart, tech-savvy people – and you don’t mind the long commutes or high cost of living – New York might be your dream career destination.
2. London
Most jobs in London are in Financial and Business Services
London has the most overseas banks of any country in the world, and, as home to major music corporations such as EMI and Warner Music Group, is one of the major classical and popular music capitals. It is the winner of the “city gateway” prize, being a major hub for European travel. Also, in prosperous times, London leads the pack in job growth, whether the economy is growing as a result of technology, travel connections, or knowledge. However, if the global economy turns sour, London will also be forced to downsize its workforce. If you have an entrepreneurial spirit and love having easy access to education, music, and good reads, and you don’t mind the cloudy skies, bad food, and the fact that it’s not the most sustainable city on Earth, London could be your Holy Grail.
3. Toronto
Most jobs in Toronto are in Financial and Business Services, and Healthcare
People from Canada are actually less common in Toronto than people from England and, surprisingly, China. But if you consider that Toronto did well in the “economic clout” category, which means, among other things, that a healthy number of Global 500 companies have headquarters in Toronto, perhaps this isn’t so surprising. Also, this Canadian city is good at getting funding from other countries for projects that create new jobs. If the global economy took a downturn between now and 2025, Toronto wouldn’t lay off quite as many workers as New York or London, although it would definitely feel the effects. If you don’t mind travel being a little more challenging, Toronto would be a great place to start and run your new business.
4. Paris
Most jobs in Paris are in Financial and Business Services, and Hospitality and Tourism
Not surprisingly, given its cultural wealth and amazing cuisine, Paris did very well in the “demographics and livability” and “city gateway” economic indicators, and was beaten only by Milan in the percentage of employment opportunities to be found in the financial and business services. Not surprisingly, this cultural hub is wildly popular with tourists, and ease of travel into and out of Paris makes it a great place for the hospitality and tourism industries. Long-term, Paris wouldn’t lay off quite as many workers as London or New York if the global economy flounders, but employment would definitely be affected. Foodies, travelers, and lovers of culture of all kind will find Paris a city of dreams. Just watch out for the price tag, stay healthy, and keep an eye on your wallet!
5. Stockholm
Most jobs in Stockholm are in Financial and Business Services, and Healthcare
With very little heavy industry and a dearth of fossil fuel power plants, Stockholm is one of the world’s cleanest big cities. In the 90’s, it was also a trendsetter in fibre optic telecommunication. Easy access to libraries and universities helped Stockholm take the prize in the “intellectual capital” economic category, and the Swedish city also did well in “health, safety and security”. This Scandinavian city’s job market is projected to be relatively steady-Eddie long term, regardless of worldwide growth or shrinkage. While it’s not the easiest city to get in and out of travel-wise, if you like good reads and being able to walk around at night without worrying about thugs swiping your stuff, Stockholm’s your place.
6. San Francisco
Most jobs in San Francisco are in Financial and Business Services, and Hospitality and Tourism
“The coldest winter I ever spent was a summer in San Francisco”, contrary to popular belief, was actually not said by Mark Twain, but this hilly California city, famous for its cool, if not downright chilly summers, did pretty well in eight of the ten categories of economic development; its two strongest being “intellectual capital and innovation” and “sustainability and the natural environment”. No matter what happens to the worldwide economy between now and 2025, San Francisco will most likely avoid any major upsets in business-as-usual. If you appreciate great city planning, sustainability, and counterculture, leave your heart in San Francisco. But be prepared to open your wallet wide to pay the rent, and if you want to work for a Fortune 500 company, you’re better off looking elsewhere.
7. Singapore
Most jobs in Singapore are in Manufacturing and Construction
One out of six households in Singapore has a million dollars or more in disposable income, and this city did well in the “transportation and infrastructure” and “ease of doing business” categories of economic development. Like London and New York, this Southeast Asian city promises to thrive between now and 2025 if the global economy grows, but may not fare so well if protectionism spreads or the tech industries hit a slump. If you love easy access to public libraries or universities, Singapore might not hold much appeal for you, and all of those millionaires have sent real estate prices through the roof. But if you love being able to zip around a city easily without the bother of a car – and you adore Asian cuisine – look no further.
8. Hong Kong
Most jobs in Hong Kong are in Hospitality and Tourism
Low taxes and free trade make Hong Kong one of the easiest cities in the world in which to do business. Hong Kong is also a major Asian travel hub, making it an awesome “city gateway”. This Southeast Asian city will add a fair number of jobs between now and 2025 if trade rises due to education and connection, but will definitely feel the pinch in the event of a global economy that suffers from a scale back in industry or information technology. If you are an entrepreneur who wants to open a restaurant or a hotel, you aren’t too concerned about the environment and sustainability, and you don’t mind rubbing elbows with lots and lots of other people, Hong Kong may be in your future. Featured photo credit: Henry at 206 amazing landmarks of the world/Leong Him Woh via flickr.com
