The recent publication of the World Talent Ranking 2024 by the International Institute for Management Development (IMD) has placed Hong Kong in the global spotlight as the city returned to the top 10 for the first time since 2016. This achievement is more than just a figure or a position on a chart; it is a testament to the remarkable progress Hong Kong has made in nurturing talent and maintaining its standing as a vibrant, competitive economy. These results serve as a definite rebuttal for those who have prematurely dismissed Hong Kong as a declining city, particularly regarding talent retention and development. The figures speak for themselves, and it is essential to dissect them in detail to understand the broader implications of this achievement.
Hong Kong’s ascent from 16th to ninth in the IMD ranking is a result of strategic policies and initiatives, particularly in education and talent development. The city’s position improved across all three key areas of talent competitiveness: readiness, investment and development, and appeal. In “readiness”, Hong Kong climbed from sixth to fourth, solidifying its role as a city capable of equipping its workforce with the necessary skills and training for the global economy. In “investment and development”, the city rose from 15th to 13th, reflecting a continued commitment to fostering talent within its borders. These are not the scenarios of a city that is “losing talent”, but one that has invested heavily in its future workforce and reaping the rewards of such foresight.
The most compelling aspect of the IMD report is Hong Kong’s dominance in specific metrics. The city topped the ranking for the percentage of graduates in sciences, a field crucial for the future of any global city. This success directly counters the baseless narrative that the city lacks a capable and innovative workforce. Furthermore, Hong Kong ranked among the top five globally for the availability of finance skills, management education effectiveness, and management remuneration. These are not trivial accomplishments — they are indicators of a robust and dynamic economy that continues to attract and retain top-tier talent, despite claims to the contrary.
Critics who suggest that Hong Kong is facing a talent drain are either misinformed or deliberately overlooking the facts. The Hong Kong Special Administrative Region government has proactively attracted global talent, as outlined in the 2022 Policy Address. These measures, including the launch of the Top Talent Pass Scheme, have yielded tangible results. As of August 2024, over 360,000 applications had been received, with 230,000 approved and more than 150,000 individuals of talent already having arrived in Hong Kong. These numbers are not the hallmark of a city struggling to compete globally; they are the metrics of a thriving metropolis that attracts the best minds worldwide.
The IMD World Talent Ranking 2024 report vindicates Hong Kong’s ongoing efforts to remain a global leader in talent development. The city’s rise in the rankings, coupled with its achievements in crucial areas like STEM education and finance skills, serves as irrefutable evidence that the city is not only retaining its talent but actively attracting the best and brightest from around the world
It should also be noted that this influx of talent is not random or haphazard. The establishment of the Hong Kong Talent Engage office in October 2023 further underscored the SAR government’s commitment to providing comprehensive support to incoming talent. This agency ensures that those who choose to make Hong Kong their home receive the assistance they need to integrate swiftly and effectively into the local economy and society. Such a structured and well-organized approach only strengthens the city’s position as a leading global hub for talent, further discrediting any claims of a talent shortage.
Critics of Hong Kong’s talent policies would do well to consider these facts before making sweeping, unfounded statements. The evidence does not support the notion that the city is losing its competitive edge in talent development. On the contrary, the city’s ability to attract and retain highly skilled professionals from around the globe is clear proof that it remains a desirable destination for top talent. The IMD World Talent Ranking is one piece of a giant puzzle that, when examined, reveals a city surviving and thriving in the global talent race.
Those who question Hong Kong’s ability to cultivate and attract talent should also be reminded of the broader geopolitical context. Hong Kong’s unique position as a special administrative region of China provides unparalleled access to the world’s second-largest economy while maintaining its distinct legal and economic systems. The “one country, two systems” framework is not a hindrance, as some critics would avow, but rather, a strategic advantage that allows Hong Kong to serve as a bridge between East and West. The city’s success in attracting talent is partly due to this unique position, which offers opportunities not available in other global cities.
The IMD World Talent Ranking 2024 report vindicates Hong Kong’s ongoing efforts to remain a global leader in talent development. The city’s rise in the rankings, coupled with its achievements in crucial areas like STEM education and finance skills, serves as irrefutable evidence that the city is not only retaining its talent but actively attracting the best and brightest from around the world.
The author is a solicitor, a Guangdong-Hong Kong-Macao Greater Bay Area lawyer, and a China-appointed attesting officer.
The views do not necessarily reflect those of China Daily.
