E
ven businesses in the regions hit by the harshest lockdown restrictions, such as Hong Kong, China, Malaysia, Australia, Peru, Argentina and Chile, are now actively pursuing new
markets and deploying business travellers and employees on international assignments.
A CHANGING LANDSCAPE FOR CORPORATE HOUSING Key drivers of growth in global corporate travel demand are coming from shifting political landscapes and legislation, particularly in the US and India, alongside increased demand for hybrid working. In its second quarterly market update report for
2024, serviced apartment and corporate housing provider SilverDoor found that for many business leaders, the return to more office working continues to gain traction. “With change comes a need for agility, so it is important to ensure demand and supply aren’t at a disconnect as much as possible,” says Al Butler, senior client programme manager at SilverDoor. Meanwhile, the ‘2023 Business Travel Index Outlook
– Annual Global Report & Forecast’ from the GBTA (Global Business Travel Association) reports spending on global business travel rose 47% in 2022, finishing the year at $1.03 trillion. This trend was driven by pent-up demand from the Covid downturn in 2020 and 2021, as well as inflationary conditions driving up prices. “We continue to see business travel spending recover
at a different pace based on industry, with construction, education, and professional, scientific and technical activities showing the most resiliency through the recovery,” the report says.
THE WEALTH TRENDS SHAPING THE INTERNATIONAL MARKET One way to understand how the global mobility market is changing is to look at the core centres where wealth is created. This can be an early indicator of specific
countries and regions and an effective guide to where organisations are moving people in pursuit of new markets and business. It also shows where organisations may need to move talent to capitalise on new and growing business opportunities. A new report by Henley & Partners has revealed that
New York City and the Bay Area in the USA, Tokyo, Singapore and London top the list of wealthiest cities. The US has 11 cities in the top 50. These include first-placed New York and second-placed northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley. Tokyo, once the world’s wealthiest city, now sits
in third place and London is in fifth place. Paris is the wealthiest city in mainland Europe in seventh place. Sydney in Australia has risen to eighth place. China is booming with five cities in mainland China (Beijing, Shanghai, Shenzhen, Guangzhou and Hangzhou) in the top 50, as well as Hong Kong and Taipei. In the Middle East, Dubai is the wealthiest city in the region. Seven of the world’s top ten wealthiest cities are in
countries that host investment migration programmes to actively encourage foreign direct investment in return for residence or citizenship rights. “You can secure the right to live, work, study and invest
in leading international wealth hubs such as New York, Singapore, Sydney, Vienna, and Dubai via investment. Being able to relocate yourself, your family or your business to a more favourable city, or have the option to choose between multiple different cities across the world, is an increasingly important aspect of international wealth and legacy planning for private clients,” says Dominic Volek, group head of private clients at Henley & Partners. Vietnam was among the new locations identified by
the Cartus ‘Global Talent Mobility Survey 2024’. This is the top destination for 43% of respondents who have moved assignees to new countries in the past two years, followed closely by the US. Australia, Malaysia and Singapore all came in joint third.
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GLOBAL MOBILITY
RELOCATION TRENDS
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