Cape Town - The Mother City not only rates favourably as a holiday and events destination but turns out it is also a choice destination for financial services graduates.
Global financial advisory firm deVere has revealed an annual survey undertaken by the company shows Cape Town as one of the top five locations within its network of over 70 offices, graduates from its International Financial Services programme would prefer to begin their careers in international financial services in.
Dubai is the number one destination of choice for those polled.
Dubai came top of the list with 28% of graduates surveyed. Barcelona came second (22%); Hong Kong third (17%); in fourth place was New York (14%); and Cape Town came in fifth (8%).
According to deVere statement, despite similar characteristics, the top five cities of choice differ greatly in regard to lifestyle, as well as the "potential client expectations and the financial and regulatory environment".
Shared traits, but vastly different
It says there are some shared traits, such as language, as English is commonly spoken in all these locations.
"In addition, they are all stable both financially and politically, and there are a large amount of high-net-worth-individuals. "
International Investment.net reports Dubai is expected to implement regulatory rule changes.
"This relates to how financial advisers are enumerated and can receive commission within the Dubai and Middle East regions has seen a number of financial advisory firms re-evaluate their positions within the region, which, perhaps, makes the results surprising,"says International Investment.net
London is facing Brexit difficulties in attracting young talent as it did not feature at all in the top 10, while other traditional financial hubs like New York and Hong Kong were also lower down the list than usual.
The other 11% compromised of destinations such as Shanghai, Sydney, Geneva, Paris, Bangkok and Abu Dhabi, states deVere.
Here is a snapshot view of life in the Top Five:
Cost of living in Dubai, United Arab Emirates compared to Cape Town, South Africa is 65% more expensive, according to Expatistan calculator.
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Cost of living in Barcelona, Spain is 37% more expensive when compared to Cape Town, according to Expatistan calculator.
Cost of living in Johannesburg is said to be 10% more expensive when compared to Cape Town, according to Expatistan calculator. However, the exact location comparisons within the cities were not detailed as each city has exclusive, high-end suburbs as well as dirt-poor ones. Calculations are based on food, transport as well as short and long-term accommodation - as well as the cost of wifi.
Cost of living in Hong Kong is 100% more expensive compared to Cape Town, according to Expatistan calculator.
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Cost of living in New York City, United States is 119% more expensive when compared to Cape Town, according to Expatistan calculator.