Life

These are the best cities in Asia Pacific for millennials to live and work

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Asia Pacific is the world's millennial hub, home to a staggering 58 percent of the world's 20- to 38-year-old population.

The sprawling region has evolved rapidly over recent years as its youthful generation moved into the workforce and reshaped the economy.

That shifting landscape has been a boon for many Asian cities, which have reinvented themselves to reflect 21st century living. However, others have struggled to accommodate millennials' mutual demands for suitable employment and affordable housing (and the occasional avocado toast).

So which make the mark? Singapore-based financial analysis site ValueChampion assessed 20 of the region's major cities to find out. Using data from The Economist, the World Economic Forum and the World Health Organization and others, the study measured each of the cities according to three key metrics: Employment prospects; cost of living; and quality of life. It then averaged out each of the city's overall scores to establish its final ranking.

Here are the cities ranked best for millennials:

5. Melbourne

Restaurant and cafe goers fill the Centre Place lane in Melbourne, Australia.
Asanka Brendon Ratnayake | Lonely Planet Images | Getty Images
Restaurant and cafe goers fill the Centre Place lane in Melbourne, Australia.

With a longstanding reputation as one of the world's most livable cities, it's perhaps unsurprising that Melbourne emerged as one of ValueChampion's top five cities for millennials.

Australia's second largest city benefits from a vibrant arts scene, iconic sports stadiums and good proximity to the coast, granting it second place overall for for quality of life. Meanwhile, its relative affordability — residents spend an estimated 20 percent of their income on rent — gave it a strong third place for cost of living.

Work prospects pulled the city down, however. With an above average unemployment rate of 5 percent, Melbourne fell into the lowest quartile for employment prospects, scoring a joint 18th place with Sydney and coming in just ahead of Jakarta, Indonesia.

4. Guangzhou

A busy night view of the CBD in Guangzhou, China.
SammyVision | Moment | Getty Images
A busy night view of the CBD in Guangzhou, China.

One of China's most populous cities, Guangzhou, secured a spot in the top five cities for millennials largely thanks to its low cost of living.

The mega-city scored top marks for affordability and ranked in joint first position alongside South Korea's Seoul. By the estimates of ValueChampion, the average resident spends a moderate 22 percent of their income on rent.

Guangzhou lagged behind on employment prospects and quality of life, however, coming in seventh and 11th place respectively, largely due to China's average unemployment rate and high pollution levels.

3. Hong Kong

Hong Kong skyline featuring a Chinese boat.
DuKai photographer | Moment | Getty Images
Hong Kong skyline featuring a Chinese boat.

Despite its notoriously high cost of living, Hong Kong ranked third in this year's list, helped by strong work prospects and a thriving lifestyle scene there.

Noted as one of Asia's foremost economic hubs, the Chinese administrative district secured third place for employment prospects. Meanwhile, high life expectancy and plenty of entertainment options saw Hong Kong score a respectable sixth place for quality of life.

With residents spending an average of 31 percent of their income on rent, however, the city scored a mediocre ninth place for cost of living, putting it in line with the likes of Auckland, New Zealand.

2. Tokyo

Crowds walk through Tokyo, Japan at night.
Matteo Colombo | DigitalVision | Getty Images
Crowds walk through Tokyo, Japan at night.

Striking a good balance on all three measures, Japan's capital, Tokyo, emerged as the second best city in Asia for millennials.

A bustling business district and a modest 2.5 percent unemployment rate saw the city score a respectable fifth place in terms of employment prospects. Elsewhere, low pollution and crime levels caused the city to score equally well for quality of life.

High living costs meant Tokyo to fell behind other cities, however. Though residents spend an estimated 27 percent of their income on rent — lower than the average, according to ValueChampion — those savings are typically quashed by high transport, grocery and entertainment costs.

1. Singapore

Singapore's skyline emerges in the background of the city's iconic Gardens by the Bay.
Buena Vista Images | Photolibrary | Getty Images
Singapore's skyline emerges in the background of the city's iconic Gardens by the Bay.

Topping the ranks in ValueChampion's study was the Southeast Asian nation of Singapore.

Despite its small size, the city-state punches above its weight economically, recording the highest GDP per capita ($58,000) of all cities studied. That, added to its low unemployment rate of just 2.2 percent and an accommodative business environment, pushed Singapore to first place for employment prospects.

Meanwhile, Singapore's low levels of pollution, high safety levels, lively entertainment scene and local travel options meant it stole the top spot for quality of life too.

Those perks come at a cost, though. The city at the center of 2018's Hollywood blockbuster "Crazy Rich Asians" scored relatively poorly in terms of cost of living, emerging in seventh place, far behind the likes of Taipei, Taiwan.

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