London is the fifth best place in the world for millennials to start their own businesses according to a new study by GoCompare.
Limited home ownership possibilities, soaring rent prices, and less financial stability than previous generations means many millennials are looking abroad for work opportunities, with an increasing number starting their own businesses.
In a new ranking out from GoCompare, Estonia came out top as the best place for millennials to start their own business.
Standing in fifth place, London's biggest strength seems to be its diversity. The diversity rating was calculated by Startup Genome, who look at the relative number of businesses with female and/or immigrant founders. At 28.5 per cent, the capital had the second highest diversity ranking of any other place in the world, trailing just behind Silicon Valley's 31 per cent.
However, as most residents will know, the cost of London living is high. Using Numbeo's cost of living index, which uses New York as its base, GoCompare rated the cost of living in the various destinations out of 100.
GoCompare measured five main indices to determine where the best entrepreneurial opportunities for millennials were to inform an overall ranking. These were the cost of living, early stage funding, broadband speed, diversity and, most importantly, the cost of coffee.
With a score of 100, New York, which came eleventh overall, had the highest cost of living, although London was not far behind with 88.69.
Perhaps surprisingly for some, London does not even have the highest cost of living in the top 10 - Singapore and Silicon Valley are even higher with 91.4 and 97.84 respectively. The lowest cost of living in the top 10 can actually be found in the top destination for entrepreneurial millennials - Estonia - which is only 57.65/100.
Both London's broadband speed (13 mbps) and coffee cost ($3.52) are distinctly average in comparison to the other locations, although for digital nomads it is worth noting that despite being nineteenth in the overall list, Seoul in South Korea has the fastest broadband connection by far with 20.5 mbps.
The top 10 places for millennials to start a business:
|Cost of living||Early stage funding||Broadband speed||Diversity rating||Coffee cost|
|10||Boston||87.05||$495,000||12.6mbps||23 per cent||$3.55|
|9||Ottawa||69.91||$141,000||11.9mbps||16.5 per cent||$2.59|
|8||Silicon Valley||97.84||$762,000||12.6mbps||31 per cent||$4.10|
|7||Vancouver||75.59||$334,000||11.9mbps||21 per cent||$3.04|
|6||Montreal||69.18||$123,000||11.9mbps||22.5 per cent||$2.59|
|5||London||88.69||$451,000||13mbps||28.5 per cent||$3.52|
|4||Singapore||91.4||$276,000||12.5mbps||23.5 per cent||$3.72|
|3||New Zealand||83.41||$301,000||8.7mbps||23 per cent||$3.00|
|2||Toronto||75.22||$443,000||11.9mbps||21 per cent||$2.86|
|1||Estonia||57.65||$272,000||11.6mbps||17 per cent||$2.58|