The big news this week so far has been Theresa May’s hotly anticipated speech about Brexit, in which Britain’s Prime Minister declared “no deal is better than a bad deal”, and re-iterated her desire to take Britain out of the single market.
The speech has prompted several large banks and Fintech startup founders to declare their intention to relocate parts of their businesses overseas, but the question is where to, and more importantly, where would workers be comfortable locating to?
According to a poll conducted by online moving platform Movinga, some 50% of 5,000 respondents questioned between the ages of 25-35 said that they will look at relocating over the next five years.
Movinga’s research was actually spread across 75 cities in 51 countries globally, and the shocking news is that the world’s most expensive place to relocate to is not San Francisco, or New York, or even London or Paris, but…wait for it…Luanda, in Angola.
It seems doubtful that many London based tech start-ups or Brexit “remoaners” were considering a move to South West Africa, but if they were, an average rent of £1,616.46 per square metre, the world’s second priciest rent behind only New York, might cause them to think again.
Then there is food and drink – the world’s most expensive, according to Movinga’s research, at £895.04 per calendar month. The equivalent cost in London is just £405.73 – only Zurich, at £865.32 pcm can hold a candle to Luanda when it comes to keeping teams fed and watered.
Those who favour the lean methodology may want to consider offices in Bangalore, India (average rent? £101.13 pcm), Cairo, in Egypt (£188.54) or even Medellin in Colombia (£254.58), but the cheapest rent of all can be found in Tunis, Tunisia, just north of £100 pounds.
London tops the expenses list for transport only, (£122.27), the only major city to charge more than 3 figures for a month’s travelling to and from work, but since most sensible founders cycle to work or indeed work from home, perhaps the best option, despite the threat of Brexit, is to stay put, avoid the sky high rent (£1,529.66 pcm typically) to be found centrally, and keep ordering Deliveroo!
Then again, if communications is your line of business, it only costs £7.01 to set up a phone connection in Luanda.
Silicon Cabinda, anyone?