London ranks sixth in Savills top twelve tech cities, just ahead of New York at seventh. London is a great example of how the lure of a world city attracts tech talent despite the lack of obvious tech infrastructure.
London’s biggest strength in the tech industry is its ability to attract human capital, it is second only to Austin, Texas in this respect. It has a particularly young population with a high ‘millennial to boomer’ ratio and positive inflows of highly qualified people, from the rest of the UK and around the world. Home-grown talent can also be found in London’s top universities and other educational establishments. London scores third after New York and Tel Aviv for the quality of its tech education*.
Having educated its population, London’s buzz: its culture, events, theatre, restaurants, venues, stadia, bars and clubs all combine to retain the population within the city but its overall ‘Quality of life’ ranking is lower at seventh because of high living costs and a lower standard of living (e.g. pollution and commute times) compared to small tech cities like Berlin, Stockholm and Austin. London’s real estate costs are second only to Hong Kong’s. Other cities, especially small ones, offer much cheaper accommodation