Which Country to Move to If You're Young and Want to Be Your Own Boss
Forget debates about whether you should plant roots on one of the U.S. coasts or flock to the middle of the country to forge a startup hub. If you’re thinking about making a move to pursue entrepreneurship, look beyond American borders.
Expert Market, a U.K.-based B2B product comparison site, recently conducted a study to determine the best countries for young, aspiring entrepreneurs and freelancers seeking a more flexible lifestyle. They examined data from The World Bank, The World Economic Forum, Numbeo, KPMG, Wifimap.io and Akamai’s State of the Internet Report.
One factor the researchers weighed heavily was cost of living -- as well as the cost of a cup of coffee, for hustlers who run on caffeine. They also took income tax rates, access to credit, access to public transportation, the ease of starting a business, average internet speeds and the prevalence of free Wi-Fi into account. Then, they compiled a ranking of the world’s 57 largest countries, based on their suitability for millennials who dream of self-employment.
Hong Kong, a global financial hub, topped the list. It’s public transit system, relatively low personal income tax rate of 15 percent (third-lowest of the 57 countries) and access to credit propelled it to the number-one spot in the ranking. Expert Market also highlighted the United Arab Emirates, which came in fourth place, for being tax-free.
Five of the bottom 10 countries are in Central or South America, while no countries from this region made the top 10. Half of the countries in the top 10 are European countries.
If you’re thinking of moving Down Under, consider New Zealand, rather than Australia. The larger Oceanic island nation came in 26th -- it’s more expensive to live there.
And turns out, if you already live in America, you may want to stay put. The U.S. came in second place, thanks to good transportation, abundant Wi-Fi (more than half a million spots) and access to credit from banks.
But if you want to get away, check out the full ranking below:
1. Hong Kong
2. United States
3. South Korea
4. United Arab Emirates
5. United Kingdom
7. New Zealand
10. Czech Republic
22. Saudi Arabia
35. South Africa
51. Costa Rica