Saturday, June 22, 2024
Education

The Henley Education Report – Assuring Access to Global Opportunities for Internationally Mobile Families

Nikola Pekic

Nikola Pekic - May 29, 2024

THE HENLEY EDUCATION REPORT: ASSURING ACCESS TO GLOBAL OPPORTUNITIES FOR INTERNATIONALLY MOBILE FAMILIES

Henley & Partners have published the inaugural Education Report in February 2024. The Report features pioneering research and a proprietary new benchmarking tool demonstrating how premium education combined with global access acquired through investment migration creates significant opportunity for the next generation, growing their global networks and maximizing their career prospects, earning potential, and economic mobility for greater success and prosperity across their lifetimes.

The newly developed, unique tool has been titled the Henley Opportunity Index. The Index evaluates 27 countries across six parameters, including education, earning potential, career advancement, employment prospects, economic mobility, and livability. For the purposes of the Report and a comprehensive comparative analysis, the countries included in the Index represent 15 leading investment migration country options and 13 key source markets for education and global mobility, with Hong Kong (SAR China) falling into both categories. The Index is interactive and its purpose is to provide investors with a clear comparison between popular destinations and identify the locations that offer the best opportunities and systems for future generations to maximize their career prospects and prosperity.

THE HENLEY OPPORTUNITY INDEX

Research shows that the key focus of high net worth individuals in ascendant economies and vibrant societies is successfully balancing wealth generation and opportunity creation. The Henley Opportunity Index serves as a guideline on tailored investment migration strategies that will ensure the next generation have access to the world’s best schooling, most lucrative job markets, and enhanced quality of life through the privileges and flexibility of alternative residence or citizenship rights.

It has become apparent that a combination of premium education and global access is essential to futureproof a family’s wealth and opportunities. By quantifying this potent combination, the Henley Opportunity Index aims to help families in their pursuit of preserving and enhancing multi-generational wealth and access in an unpredictable world.

When it comes to the Index framework itself, its design is centred around the parameters relevant to international investors who are considering investment migration programs in thriving countries with excellent education systems, all with the aim to improve their own and their children’s access to better opportunities. This will be ensured by their newly obtained ability to be educated and subsequently reside long-term in a destination country without having to acquire a work permit or visa.

The Index brings together six composite parameters into a unique score for each destination. The six overarching parameters are earning potential, career advancement, top-tier employment prospects, premium education, economic mobility, and high livability. All are converted to scores out of 100 and equally weighted to create a total opportunity score out of 100.

As may be seen in the Index scoreboard, attention is immediately drawn to Switzerland, the USA, and Singapore as the top 3 destinations that combine outstanding earning potential, employment prospects, and economic mobility among other things. All the countries included in this section of the Index highlight the most prominent investment migration destinations, that are simultaneously home to some of the best education institutions in the world. Despite the fact that destinations such as Hong Kong, the UAE and New Zealand may not be the traditional, historically acknowledged destinations for premium education, their excellent scores in employment prospects and economic mobility, coupled with succesful residence by investment programs, draw the interest of the globally mobile families interested in assuring a bright future for their heirs.

An interesting case study that illustrates the Index and its abilities well is Switzerland. Switzerland enjoys the highest total opportunity score in the Henley Opportunity Index due to its outstanding earning potential, career advancement, and top-tier employment scores. It offers an excellent quality of life and enables its residents access to a wealth of opportunities within the country and abroad. The Alpine country is known for its beautiful mountainous scenery and modern, livable cities. With its unemployment rate at just 2%, Switzerland is able to provide its residents with excellent job opportunities across all sectors, with specialists and highly qualified individuals always in demand. Locals are favored in the job market, so acquiring residence in Switzerland alongside the world-class education the country offers will ensure opportunities in one of the world’s most stable economies.

Another interesting, emerging destination is Singapore. Singapore ranks 3rd in the Henley Opportunity Index thanks to its remarkable earning potential, top-tier employment prospects, and economic mobility scores. Its robust free market economy and excellent connections to Asia and the world place it as one of the most desirable locations globally. Singapore drives innovation and growth in the region and the world alike, focusing on cutting-edge development in banking, engineering, fintech, IT, and software development. The competitive job market adopts a skills-first approach, meaning employers will overlook a lack of experience if a candidate possesses the necessary skills, allowing recent graduates more ease of entry. While a world-class education on its own secures a wealth of opportunities in Singapore, coupling it with residence rights in this global innovation hub ensures security for generations to come.

Both countries are home to successful and prosperous residence by investment programs, further emphasizing the need to consider premium education in conjunction with access rights rather than on its own.

THE POWER OF EDUCATION AND MULTIPLE CITIZENSHIPS

It is a well-established fact that one’s citizenship is the key determinant of their opportunities during their lifetime. As economist Branko Milanovic explains, “If you want to be rich, you’d better be born in a rich country — or emigrate there.” He estimates 50 to 60% of income inequality globally is simply due to differences in countries’ average incomes. Therefore, accessing opportunities in more developed economies can have an overarching impact on earning potential and standard of living.

Considering that, securing wealth sustainability for future generations becomes underpinned by the higher priority of ensuring global access. Ensuring access to opportunities, both in terms of education and visafree access to destinations with excellent employment prospects, is the only true strategy to futureproofing a family’s legacy. Increasingly, future millionaires expect multi-jurisdictional lifestyles. Flexible citizenship and residence rights enable attending leading universities in different countries. Yet education is only the beginning, with second passports and multiple residence rights opening access to varied business cultures, funding ecosystems, and innovation hubs necessary for young entrepreneurs to truly thrive internationally.

Successful citizenship programs are increasingly found among societies balancing wealth generation with opportunity equality — characteristics that define ascendent economies. The Henley Opportunity Index identifies America, Australia, Canada, several European countries, New Zealand, Switzerland and vibrant wealth hubs in Asia and the Middle East as prime locations for educators, entrepreneurs, and inheritors aiming to thrive in the coming decades. Fortunately, many offer residence or citizenship pathways for global citizens committing to their continued success. While requirements and costs vary, applicants willing to invest can secure access to societal stability, advanced infrastructure, global financial systems, and crucially: world-leading education.

STUDENT MOBILITY AND GLOBAL UNIVERSITY EDUCATION

Benefits of an international education are manifold and quite apparent: international students have the chance to pursue top-quality education at world-class institutions, gain exposure to a variety of countries, cultures, and languages, and develop global networks, all of which set them up for a globally mobile lifestyle. Given this, it is no surprise families across the globe continue to recognise the value and crucial importance of international education and multi-jurisdictional lifestyles. As a expression of that, student mobility has been consistently rising over the past three decades and are estimated to reach a record 8 million by 2025, despite potential challenges such as Covid-19.

While international education needs no further establishment as a valuable asset, global access to opportunities, especially for recent graduates, demands a couple further comments. When it comes to securing work after graduation, the ease or difficulty of doing so greatly depends on the country of study and the destination country where graduates aspire to work. In most cases, should graduates wish to stay abroad — which many do — they are obliged to secure employment within their specialist field, obtain a long-term visa sponsorship from their employer, and navigate a complex immigration system. Alternatively, they must return to their home country until such conditions are fulfilled. This leaves many in a precarious situation as they lose out on opportunities in the destination country that possibly cannot be substituted in their home country. Additionally, income potential for domestic and international graduates is not always equal. For example, data from Canada shows that international students are more likely than nationals to study indemand courses such as architecture, engineering, mathematics, and IT, but experience lower salaries compared to nationals. Therefore, assuring the highest possible degree of access possible can have an enormous impact on one’s opportunities throughout their life.

CONCLUSION

The established or emerging countries that are home to premium education institutions are more often than not also investment migration destinations. Such a combination is crucial for the globally mobile elites whose focus is on futureproofing their wealth and access to key global areas. Combining a world-class education with a strong investment migration portfolio is the best way to ensure a safe and stable future for the next generation.

 

ABOUT

Henley & Partners is the global leader in residence and citizenship by investment. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 45 offices worldwide.

The concept of residence and citizenship by investment was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.

Henley & Partners established its office in Montenegro in 2018, with the aim of providing dedicated support to processing offices in Montreal, Cape Town, Dubai, Hong Kong (SAR China), London, Singapore, and Zurich, and to applicants interested in investing in Montenegro. The Montenegro office has grown to 10 employees, who have throughout the implementation of the Montenegrin Citizenship by Investment program, consistently and committedly worked on preparing and submitting applications to Montenegrin authorities alongside the support of Henley & Partners processing offices. Henley & Partners Montenegro is an official member of the Montenegrin Foreign Investors Council (MFIC) and AmCham Montenegro.

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The Transformative Potential of Artificial Intelligence in Education

Artificial Intelligence (AI) has emerged as a groundbreaking force, reshaping various industries, and education is no exception. The integration of AI in education brings forth a myriad of possibilities, from personalized learning experiences to efficient administrative processes. This essay explores the multifaceted role of AI in education, discussing its applications, potential benefits, and predictions for the future.

PERSONALIZED LEARNING:

AI enables the development of personalized learning experiences by analyzing individual student data. Adaptive learning platforms use AI algorithms to understand students’ strengths, weaknesses, and learning styles. This allows for tailored content delivery, ensuring that students progress at their own pace and grasp concepts more effectively.

INTELLIGENT TUTORING SYSTEMS:

AI-powered tutoring systems provide students with on-demand assistance and feedback. These systems can identify areas where a student is struggling and offer targeted support, resembling a one-on-one tutoring experience. This not only enhances learning outcomes but also addresses the diverse needs of students.

AUTOMATED GRADING AND FEEDBACK:

AI streamlines administrative tasks for educators by automating the grading process. Machine learning algorithms can evaluate assignments, quizzes, and tests, providing quick and consistent feedback to students. This efficiency allows teachers to focus more on teaching and mentoring.

VIRTUAL CLASSROOMS AND DISTANCE LEARNING:

AI contributes to the evolution of virtual classrooms and distance learning. Chatbots, for instance, can assist students with queries, while AI-driven virtual instructors facilitate interactive and engaging online learning experiences. This widens access to education, overcoming geographical barriers.

PREDICTIVE ANALYTICS FOR STUDENT SUCCESS:

AI’s predictive analytics capabilities help institutions identify students at risk of falling behind. By analyzing data such as attendance, performance, and engagement, AI systems can provide early warnings, allowing educators to intervene and provide additional support to struggling students.

Predictions for the Future:

ENHANCED PERSONALIZATION:

Future advancements in AI are expected to bring even more sophisticated personalization to education. AI algorithms may adapt not only to individual learning styles but also to factors like emotional intelligence, creating a holistic and personalized learning experience.

AUGMENTED REALITY (AR) AND VIRTUAL REALITY (VR):

AI combined with AR and VR technologies could revolutionize how students experience education. Immersive learning environments, simulations, and virtual field trips could become commonplace, providing students with hands-on experiences regardless of their physical location.

GLOBAL COLLABORATION AND LANGUAGE LEARNING:

AI-powered language translation tools may facilitate global collaboration among students from different linguistic backgrounds. This could break down language barriers, promoting international cooperation and cultural exchange in educational settings.

AI IN ASSESSMENT AND CREDENTIALING:

AI may play a larger role in recognizing and accrediting skills. AIdriven assessments could provide a more comprehensive evaluation of a student’s abilities and competencies, leading to the development of alternative credentialing systems.

CONCLUSION:

The integration of AI in education holds immense promise, offering the potential to revolutionize the way students learn and educators teach. As we continue to harness the power of AI, it is crucial to prioritize ethical considerations, data privacy, and equitable access to ensure that the benefits of AI in education are realized by all. The future of education is undoubtedly intertwined with the evolution of artificial intelligence, paving the way for a more inclusive, personalized, and technologically advanced learning experience.

Terence Tse, Biography:

Terence is a co-founder and Executive Director of Nexus Frontier Tech, which customises artificial intelligence products for its clients to build up new capabilities to attain unfair business advantage. He is also a Professor at Hult International Business School. He is a co-author of The AI Republic: Building the Nexus Between Humans and Intelligent Automation, an international best seller on Amazon. He also co-wrote the best seller Understanding How the Future Unfolds: Using DRIVE to Harness the Power of Today’s Megatrends. The framework contained therein was nominated for the CK Prahalad Breakthrough Idea Award by Thinkers50, the most prestigious award in business thought leadership. The DRIVE framework has also led Chartered Management Institute’s own magazine Professional Manager in the UK to name Terence as one of the 18 new voices in 2018 that reshape management and leadership. Talent Quarterly in the US called the DRIVE framework one of the 24 trends transforming talent management in the years to come.

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