Although it was revealed last month that London has overtaken Hong Kong as the world’s most expensive city in which to live and work, it seems that the soaring cost of both residential and commercial property has done little to diminish its appeal. In fact, London has now been voted the most desirable location to work in the world, resoundingly beating competitors such as New York and Paris.
In a study jointly conducted by totaljobs.com and the Boston Consulting Group, it was found that almost one in six, or 16 per cent, of the 200,000 workers from 188 countries surveyed would choose to work in London if the opportunity presented itself.
This helped to significantly boost the UK’s rating as an appealing destination for international jobseekers as, although the UK came second in this category to the USA, London was the only city in the country which was named as particularly sought after.
International director at totaljobs.com, Mike Booker, believes that career opportunities and London’s cultural scene explain why it is the number one choice among job hunters.
He says; “This report cements London’s reputation as a truly global city. Not only does it offer a wealth of job opportunities in a large range of industries, but it boasts some of the world’s top cultural attractions, so it’s no surprise that people across the globe want to come and work here.”
London, like New York, already has a large foreign born population of workers, with around 3 million citizens having moved to the UK from abroad in search of work. The study found that workers from Portugal, Barbados, Israel, Romania and Jamaica find London particularly appealing as an international destination, yet many of these would also choose to move to a non-English speaking country such as Germany, Switzerland or France.
However, although the research indicates that London has become the top target for global workers, it also demonstrated a growing willingness by British citizens to move abroad in search of work. A total of 44 per cent of British workers, led by the engineering and technical jobs sectors, would like to leave the UK for pastures new – although this is still far lower than the 90 per cent considering upping sticks in France and the Netherlands.
London’s desirability will certainly prove to be a bonus for businesses already based in the capital, but on the down side it may elevate living and property costs yet further.
It already costs a reported £73,800 a year per employee – in terms of residential costs and leasing office space – double the average cost for Sydney and more than four times the average cost in Rio de Janeiro.
With property prices continuing to soar, London’s place at the top of the charts may be in jeopardy should businesses choose to base themselves elsewhere.
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