TODAY’S YOUNG WEALTH CREATORS ARE THE DESIGNERS, ENGINEERS, BIOLOGISTS, PHYSICISTS, ANIMATORS, APP DESIGNERS AND THE MYRIAD OF OTHER PROFESSIONALS THAT THRIVE ON TRANSLATING IDEAS INTO OUTCOMES. CITIES THAT HAVE SUCCESSFULLY REVERSED THEIR MAGNETIC POLARITY HAVE SELDOM DONE SO BY ACCIDENT, CHOOSING TO REFASHION AND SCULPT THEIR CITY INTO A PHYSICAL PLACE THAT IS HOST TO THE CULTURE AND ATMOSPHERE THAT ATTRACTS THESE PEOPLE.
After returning to Perth from a conference in Denver I enthused about the shared vision of that city and how it was shaping the urban form. After two years of people saying, “Really? Denver?” KPMG has released a report which shines a light on Denver and cities like it.
The report focuses on the magnetic effect of cities, either repelling or attracting people, investment and excitement and how cities can transform from a negative to a positive pull. Looking at nine case studies throughout the world, the authors discovered that all of the cities had a common theme: they became highly attractive to educated, ambitious, energetic young people. These are the people who create the jobs of tomorrow and with that, the city’s future wealth.
This is not a new phenomenon and helped drive the growth of some of the most dynamic cities in the world. New York grew off the back of young migrants from Italy and Ireland, transitioning the city into a centre of trade and commerce. The Huguenots from France transformed London’s East End into the hub for textile manufacturing.
Today’s young wealth creators are the designers, engineers, biologists, physicists, animators, app designers and the myriad of other professionals that thrive on translating ideas into outcomes. Cities that have successfully reversed their magnetic polarity have seldom done so by accident, choosing to refashion and sculpt their city into a physical place that is host to the culture and atmosphere that attracts these people. These cities also understand that there is global competition for these young wealth creators.
Places seeking to be magnetic cities undertook extensive research on what makes the 20-34 year old high achiever tick, and then set about creating a city to meet their needs. As a group these people embrace physical fitness and outdoor pursuits, enjoy artisan dining and get involved in their communities. Of course they are also attached to multiple electric devices simultaneously.
The message in the report was clear: before city leaders can start to attract this new generation of young residents they need to look at their city through the eyes of the young wealth creators. They needed to deliver the social networks, transport links and activities that underpin both business and lifestyle.
A very readable document, if somewhat long at 350 pages, Magnetic Cities takes a fascinating look at how our economy and social infrastructure can be transformed by attracting and retaining the entrepreneurs of tomorrow.