A swing in economic maturity from the West to developing markets over the past few decades has birthed new-fangled business centres across the globe. As a result, territories like the Middle East, Asia, and South America have witnessed swift economic progression alongside enhanced infrastructure and, in some cases, relaxed regulation.
MNCs have hurried to capitalise on this, frequently by going through the citizen by investment (CBI) route of a nation that allows accessibility to profitable business prospects in markets throughout Africa, Asia, and Europe undergoing fiscal boosts. In a country like St Kitts and Nevis or Dominica, additional citizenship via CBI permits CEOs and founders to nurture healthy and mature firms. This implies that entrepreneurs can benefit themselves from the opportunity to establish new-fangled offices and take a meeting in developing economic markets.
The World Citizenship Report (WCR) scrutinises top business centres internationally, amongst other motivators for individuals seeking to broaden their prospects. According to the WCR report, the economic prospect motivator assesses the comprehensive capability to expand material comfort, wealth, and other chief benefits of a robust economy to all its citizens.
Other motivators discovered by the WCR were Quality of Life, Safety and Security, Financial Freedom, and Global Mobility. The WCR is based on examinations by CS Global Partners, a London-headquartered government advisory and marketing company.
So, let us sneak a peek at the globe’s most coveted business hubs in 2022!
- The United Kingdom
The UK recorded 81.2 in the WCR, having long been one of the globe’s most bulging trade and business hubs. Its capital is renowned for forex and bond trading, including banking activities and insurance services. London is a trading centre for futures, bonds, forex, and insurance. The United Kingdom’s central bank – the Bank of England, is the second oldest central bank globally and controls the fiscal system. It also possesses deep trade relationships with Commonwealth economies Australia, Canada, and New Zealand.
Sweden is the fourth most viable economy in Europe and is frequently ranked as one of the highest-performing economies globally. The nation ties with the United Kingdom’s score of 81.2 and is known for its robust business ecosystem, global competitiveness, versatile language skills, and commitment to innovation. This is chiefly due to the nation’s free-market ecosystem and stringently developed education system.
Denmark is ranked eighth and inhabits some of the globe’s most progressive infrastructure. Its transport system, business facilities, and skyscrapers are gargantuanly innovative and arrive with a promised water and electricity supply. Moreover, its capital delivers the most favourable environment in terms of research and knowledge. Denmark is also a versatile social welfare state with international-class programs to augment the standard of living for its citizens, making it an ideal place for facilitating business and living a great life.
As one of the biggest economies worldwide and Europe’s biggest, Germany is a pioneering exporter of machinery, vehicles, household equipment, and chemicals. However, the most prominent selling strategy for the nation is that it encompasses a vast population of highly-skilled and highly-educated labour cesspools. Although this labour force is not as cheap as it is in several countries on this list, as a member of the European Union, Germany is placed comfortably in seventh place on the WCR’s economic prospects motivator. In addition, it benefits from stringent production and manufacturing standards, enhancing a brand’s competitive edge in the international market.
Switzerland recorded the highest score in the WCR but arrived at sixth place in the economic prospect motivator. With an unemployment ratio of merely 3.3%, a mushrooming economy, and a scandalously stable political climate, Switzerland is undeniably one of the best nations in the world for business. The nation profits from the best emerging service sector and a manufacturing industry focussing on high-tech and knowledge-centric production. It also possesses one of the world’s most sophisticated financial industries, making it perfect for calculated, safe, and stable investment.
As the third-biggest economy globally with an important financial centre, Japan ranked fifth for its thriving economy. The country is the headquarters of several of the globe’s most prominent investment banks and insurance firms. In addition, the Japan Exchange Group (JPX) was set up in 2013, compounding the Osaka Securities Exchange and the Tokyo Exchange Stock Group. The securities exchange possessed a market capitalisation of USD 5.9 trillion as of July 2021.
- The Netherlands
The Netherlands is one of the most uncluttered economies globally and amongst the best nations in terms of innovation and technology, which is why it is ranked number one in Central Asia and Europe for economic prospects. It delivers an excellent infrastructure, including the biggest port in Europe, a competitive business climate, and a literate workforce. The Dutch taxation system features numerous taxation incentives to kindle innovation and business endeavours, and, as an internationally adopted nation, the Netherlands is home to several literate foreign workers.
- Hong Kong
Hong Kong recorded 83.1 in the WCR’s economic prospects motivator since its economy has been maturing steadily for the past few decades, demonstrating the territory’s practical and economically efficient business policies. As a free-market economy, Hong Kong is vastly dependent on international finance and trade. The country possesses a highly educated and well-fabricated transport and communication infrastructure. Hong Kong’s economy has been performing satisfactorily as the prioritised stock market for Chinese firms that want to trade overseas.
- The United States of America
The USA scored number one within North American geography but came second worldwide. The nation is frequently regarded as the globe’s fiscal capital, resounding multiple fiscal centres like San Francisco and Chicago. However, New York City has long been its monetary capital owing to Wall Street, its most significant stock market, and the New York Stock Exchange – a colossal stock exchange by market capitalisation. NYC delivers a versatile population and workforce and assembles some of the biggest firms like Morgan Stanley, Goldman Sachs, Merrill Lynch, and JP Morgan. It is challenging to scrutinise a big name in the business realm that does not exist within New York City.
Singapore is the largest-ranked nation in the WCR, with 84.8. It has emerged as a gateway for businesses and investors seeking to access the globe’s fastest-growing consumer markets in China. Present in the same time zone as principal Asian markets, Singapore is the base ground to two Fortune 500 companies – commodities trader Wilmar International and contract-based electronics maker Flextronics. The island nation’s high-quality infrastructure, effective administration, low taxes, alongside its demanding shipping port and airport, have made it a prioritised choice for several international firms and their emigrant employees. The city is also home to several fiscal and banking services firms.