Young professionals in search of adventure and new places to settle are increasingly drawn from Hong Kong and Singapore to new cities. The inflation-stricken post-Covid world is moving away from old cosmopolitan centers to newer and newer cities with vibrant cultures. These hotspots bring with them affordable luxury and high-paying jobs.
Dubai
It’s no surprise that Dubai ranks among the best cities in the world for expats.
The combination of a stellar response to Covid and the war in Europe has seen a surge in the flow of migrants to the emirate.
Bernd Hanke, a partner at a London-based fund, moved to Dubai during the pandemic to escape rounds of lockdowns and Covid measures in Stuttgart, according to Bloomberg. A growing number of financial professionals are relocating to Dubai, which is strengthening its financial and cryptocurrency markets.
Hanke enjoys waking up to the green view of the golf course from his accommodation in Emirates Hills and the warmer temperatures compared to his home in Stuttgart. The similar time zone to Europe is also a bonus, as it allows him to reach UK-based investors in his $400 million equity fund.
“Dubai handled the pandemic very well and there was almost no gridlock,” Hanke, 48, said. “I would like to be in Dubai for a longer time,” he said. “I have to decide on that.”
Bengaluru
Bengaluru, or Bangalore as it is still called by many locals and expats, has become one of the fastest growing tech hubs in the world, home to thousands of startups and software firms. Venture capital is flowing into the southern Indian city faster than London or San Francisco by one estimate, rising to $7.2 billion in 2020 from $1.3 billion in 2016, according to media reports.
“I see Bangalore as a growing hub,” said Joseph Kim, 49, who left the San Francisco Bay Area last year to set up a game studio in the city. “People are increasingly dissatisfied with Silicon Valley, its politics, crime, and the poor state of education.”
“People here have a hunger to learn,” he said.
Kuala Lumpur
A large English-speaking workforce, easy flight connections and relative affordability are among the main reasons for Kuala Lumpur’s popularity with individual professionals as well as businesses. The city ranked first in a worldwide survey of nearly 12,000 immigrants by InterNations, ranking first for housing, according to Bloomberg.
“It’s a place at the crossroads of so many civilizations: Southeast Asian, Chinese, Middle Eastern, Indian,” said Caroline Pujo, who moved to Kuala Lumpur after 15 years living in Shanghai. “There’s a lot of cultural and linguistic diversity, but there’s a real harmony in all that diversity.”
“In Shanghai, everything is so fast,” said Pujo, 47. “I used to work really hard and party really hard. But once I left, I realized it was like being on drugs all the time. Now things are a little bit more relaxed. balanced for me.”
The resort islands and culture of the tropical country are another big draw for expats.
“To travel around the islands, to swim in the pools, to fly around the region. That’s what life is for.”
Lisbon
Lisbon offers expats a combination of culture, nightlife and warm weather within some of Europe’s most popular beaches. It has been described as “probably the most popular expat destination in Europe at the moment”.
Lisbon property prices are currently on the rise as wealthy expats buy homes in the city or along the Algarve coast.
“New York went so crazy in the pandemic: the politics, the crime rate was escalating all over the country,” said Allison Baxley, 39, who moved with her family from the American city to the Portuguese coast last August. “My children were starting public school and I was worried about the kind of education I was giving them.”
“In New York we rented forever. We could never afford the purchase,” she added. “Prices here in Portugal are going up, but they’re not astronomical like New York.”
Her family enjoys their new, more relaxed lifestyle, where they can drive to downtown Lisbon in half an hour or more several times a month to see a friend and soak up the culture.
“We just love it here,” she said. “In New York, you’re working so hard all week. At the weekend you are exhausted. Here I can enjoy every day.”
Mexico City
Mexico City, the oldest capital city in the Americas, has rapidly gained attention as a hub of entrepreneurs and startups in Latin America.
Mexico also topped the global rankings in the InterNations Expat Insider 2022 ranking of the best places to live. It is home to foreigners from all over the world.
Brian Requarth, CEO of startup building platform Latitud, moved to the city with his family in July. “It’s kind of the Beverly Hills of Mexico City,” he said. “It’s pretty fancy, but it’s very safe.”
The family’s biggest culture shock was the sheer size of the metropolis. When his children visited their new school in Mexico City it was a bit of a shock, he said. “It’s massive, twenty times the size of the school they go to now, and there’s a Starbucks! It feels like a college campus instead of a small neighborhood school.”
Requarth, 41, sees growing interest in Latin America’s technology sector. Startups are starting to pop up in Mexico City, which benefits from its proximity to the US tech industry.
“There is an incredible level of talent and ambition in Latin America that didn’t exist before,” Requarth said. “There are more people thinking about solving bigger problems through technology. I will be very productive here.”
Rio de Janeiro
Rio de Janeiro has one of the most spectacular natural harbors in the world and has an iconic natural scene. Rio’s laid-back atmosphere and world-famous beaches continue to hold a lure for foreigners moving to South America’s largest economy.
“I’m surprised how many foreigners I find working here,” said Marie Alasseur, 31, who heads B2B operations at Brazilian real estate platform Loft.
Alasseur decided that in the first months of 2020, just before the pandemic took over the world, she would try Rio as her new home after Paris.
“I feel at home,” she said. “There’s a European soul here – it’s a Brazilian Paris.”
In keeping with Rio’s easygoing vibe, she spends part of her mornings meditating or walking the beach, and occasionally makes time for pottery classes.
“When you work at a startup, there’s no limit to how much you can work,” she said. “I like the balance I have now. I learned to slow down last year and enjoy what I have.”
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