Ranked: The world's top 10 cities for quality of living 2019


Ian Oxborrow
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If you asked someone which city in the world they would most like to live and work in, there's a high chance you'd get the likes of New York, Paris or Tokyo as responses.

Such cities might be familiar from their place in popular culture, and subsequently be full of excitement, but are they actually the best places for quality of living?

The answer, according to Mercer's new Quality of Living study, is a firm no.

Some cities are ideal for a week's holiday, but actually inhabiting it can be a completely different matter.

How are the cities ranked?

The global consultancy's study analysed 39 factors and placed them in the following 10 categories to produce the rankings: political and social environment, economic environment, sociocultural environment, medical and health considerations, schools and education, public services and transportation, recreation, consumer goods, housing, and natural environment.

Mercer says the study is used by multinational companies and other organisations to compensate employees fairly when they are being posted overseas.

“Strong, on-the-ground capabilities are integral to the global operations of most international businesses and are in large part driven by the personal and professional well-being of the individuals that companies place in those locations,” said Ilya Bonic, senior partner and president of Mercer’s Career business.

Ok, so where should we all aspire to live and work?

Western Europe is the place to be. Vienna has topped the rankings for the 10th year in a row, followed by Zurich in second place. Thirteen of the top 20 cities in the rankings are European, though Paris came in 39th place and London 41st.

Mercer also conducted a safest city survey and Europe dominated that too, with Luxembourg first, followed by Basel, Bern, Helsinki and Zurich in joint second.

Meanwhile, for those with a taste for the Big Apple, New York rose one place to 44th in the quality of living rankings after a fall in its crime rate, while Washington DC was 53rd.

How did the Middle East fare?

Dubai came in 74th position, so retaining its position as the region's leader for the seventh year in a row. Abu Dhabi took 78th place out of the 231 cities studied. Muscat was 105th and Amman 120th.

You can read more on Dubai and Abu Dhabi's ranking here.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

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