London could face losing young digital talent to an array of global tech hubs, according to a new study.
The English capital ranked only 16th in a list of 18 world cities which were assessed on five key indicators: early earning prospects, quality of life, disposable income, average number of holiday days and happiness.
The study conducted by digital marketing company Distinctly found that many of the most renowned tech bases are pricing career starters out.
Sydney is ranked at no.1 overall with the highest average disposable income for digital workers at £1,657 and a respectable fifth for the average number of holiday days and overall happiness.
London scored highest on the average number of holidays for employees, but ranked poorly for average annual income for starter digital careers, cost of living, happiness index and disposable income – standing at just £324 per month.
“A career in digital opens up opportunities to work in an exciting industry where you can build your skill set as you travel the world,” said Distinctly managing director Tom Shurville.
“We’re seeing a trend for graduates and those just beginning their digital careers wishing to combine travel experience with building a viable career.”
Perhaps surprisingly, Silicon Valley in San Francisco ranked 15th – despite its high potential wages, high living costs and a lower score on the happiness index affected its ranking.
The top European global digital career hub is Amsterdam. As with Silicon Valley, it has a great infrastructure for investment and innovation, but it is also somewhere where people want to live.
Netflix and Uber chose Amsterdam as their European base for the city’s great work-life balance. Amsterdam regularly tops happiness surveys, with happiness found to be not only important for health, but proven to increase productivity and ultimately performance.
The findings of the study show that Tel Aviv is the city to watch. Ranked at sixth overall for happiness, seventh for average paid holiday and ninth overall for living costs, the tech hub has attracted multinational companies such as Intel, Apple, Snapchat and Huawei.
Leading universities, links with the US market and technological developments from the defence industry have all led to an increase in security and computing start-ups.