Gen Z and Millennials Are Leading Global Mobility

Gen Z and millennials have come of age in a world fundamentally different from that of their predecessors. The internet has allowed them to witness, in real-time, the globalization of the job market and the commoditization of the workforce. The boomer-era concept of a job for life is now obsolete.

At the same time, they’ve witnessed skyrocketing housing costs, leading some young Americans to doubt their ability ever to own a home. Similar commoditization effects have occurred in personal relationships, resulting in rapidly declining rates of marriage and childbirth in America. The overarching theme is one of flexibility and constant change.

It’s therefore unsurprising that the average Gen Z American aspires to live abroad. The appeal lies in leveraging high remote wages in countries with lower costs of living, often coupled with reduced gun violence, less political polarization, superior public transportation, more green spaces, and other draws.

The digital nomad movement is already substantial, with 17 million Americans identifying as such, using remote work and travel to enhance their quality of life. This trend is mirrored in other developed nations; a UK poll revealed that two-thirds of Gen Z and millennial respondents desire careers unrestricted by national borders. Just as Henry Ford’s 40-hour workweek defined the last century, the digital nomad revolution is set to shape the next 100 years, led by Gen Z and millennials.

Upending traditional paradigms

These two generations have radically altered the traditional career path. A recent Gallup study revealed that 60% of millennials are open to new job opportunities, compared to just 45% of other workers. Job tenure for workers aged 25-34 averaged a mere 2.8 years in 2022, compared to 9.8 years among workers aged 55 to 64. This data points to a fundamental reimagining of what a career can be.

The concept of climbing a single corporate ladder has given way to a more dynamic, web-like approach to career development. Young professionals are increasingly viewing their careers as a series of experiences and skills acquired, rather than a linear progression within a single organization.

This shift towards flexibility and varied experiences doesn’t necessarily translate to reduced economic opportunity. In our globalized world, where everyone is potential competition, leaving a developed country like the USA doesn’t mean losing an advantage. Instead, digital nomads are often building valuable international connections, gaining cross-cultural competencies, and developing a global perspective that can be highly advantageous in many industries.

Companies are taking note of this shift. Many are adapting their policies to accommodate remote work and flexible schedules, recognizing that talent isn’t bound by geography. This has led to the rise of “distributed” companies, operating entirely without a central office.

As the bonds of traditional work loosen, so too do the ties that once bound us to single locations. The US fertility rate plummeted to a record low of 1.62 births per woman in 2023, well below the replacement level of 2.1. This demographic shift has profound implications for mobility: childless millennial and Gen Z adults have little reason to stay in one place. According to CNBC, over 40 countries offer digital nomad visas, indicating a global recognition of this new approach to work and life.

Challenges and innovations

Admittedly, this nomadic revolution faces challenges. While 30% of North Americans and western Europeans work in occupations and live in countries with infrastructure that allows them to work from home effectively, only 8% of the population in South Asian countries and 6% of sub-Saharan Africans can say the same, highlighting global inequalities in access to this lifestyle. Almost half of all digital nomads come from the USA, further underlining the disparity in access to this way of life across different regions of the world.

Nonetheless, the nomadic movement is a growing phenomenon, transforming local economies worldwide. Digital nomads contribute USD 787 billion to host economies every year. Cities from Canggu in Bali to Lisbon are adapting to cater to this new mobile workforce, leading to changes in urban landscapes and local business ecosystems.

Growing Gen Z and millennial global mobility is heralding a shift in how we approach work, community, and personal fulfillment. The future isn’t about being tied to one place or one job, but about having the freedom to explore, create, and connect on a global scale.

The nomadic generation is moving towards a world of expanded possibilities, changing not just their own lives, but the very fabric of global society. The Nomadic Age is here, and its impact will be felt for generations to come.