Sydney Has Grown Into the Second Wealthiest City on Earth

Sydney Circular Quay

Sydney Circular Quay offers plenty for corporate travel.

Founded as a colony of the British Empire in 1788, Sydney has grown into the second wealthiest city on earth when measured by per capita purchasing power. Not only is it the largest city in Australia, but it is also the leader in international immigration. Why are people moving to Sydney in record numbers?

Well, it certainly doesn’t hurt that it is located in a stunningly beautiful region of the country or that it has all of the modern amenities of any global city. But those are really nothing more than extra added bonuses. The main reason people immigrate to Sydney is that it has one of the best cities for business on earth. So, whether you are an employee or an employer, opportunities abound. The rapid rise of Sydney began just three decades ago when the economy suddenly shifted from manufacturing to information and service sectors.

Because it is relatively close to Asia, most of the immigrants that come to Sydney emigrate from India, Indonesia, and China. Many of them have experience with technology and they choose the city because of the opportunities in that sector.

Although it is a growing city, Sydney offers companies competitive prices on rental spaces. In fact, a recent report found that the average price of office space in Sydney is cheaper than in New York, London, Tokyo, Berlin, and even Mumbai.

With a diverse population of 4.5 million, Sydney is the largest and fastest-growing city in Australia. More than fifty thousand people move there each year, three out of every four of which are from overseas.

There are, of course, very good reasons for this. Sydney is the business capital of Australia. It is home to more than five hundred multinational corporations, ninety banks, half of the country’s top companies, and the Australian Securities Exchange. At last count, Sydney was responsible for a full quarter of Australia’s GDP.

For one thing, it means that they will have access to highly-skilled professionals who are willing to work at competitive prices. A recent report found that while salaries are on the rise in Sydney, they are still lower than in most global cities.