The Top 10 Rapidly Developing Cities Worldwide

According to the Growth Hub Index 2024 by British real estate service Savills, 14 out of the top 15 fastest-growing cities globally are expected to be in Asia. These cities are projected to undergo significant development by 2033, based on indicators such as increasing wealth, expanding economies, and the potential for new development and business expansion.

India Dominates the Top 10

As depicted in the chart provided by Statista's Anna Fleck, four Indian cities are included in the top 10, with Bengaluru taking the lead. It is closely followed by Ho Chi Minh City in Vietnam and Delhi in India.

Reasons for Asia's Anticipated Growth

The anticipated growth in Asia can be attributed to several factors. Many regions have embraced tech-driven growth while continuing to benefit from a robust traditional manufacturing sector. Many Asian cities are also expected to witness a rise in the middle class as personal wealth increases across the region. Simultaneously, these cities are strategizing to enhance connectivity and invest in infrastructure. According to Savills analysts, innovation hubs can attract new businesses, thereby increasing the demand for office spaces, manufacturing spaces, and housing. If rapid urbanization is managed effectively, it can lead to improved health outcomes for populations and enhanced employment prospects and education. However, if managed poorly, rapid urban growth can exacerbate issues such as poverty, crime, and health.

Methodology of the Growth Hub Index

The Growth Hub Index is based on economic, population, and wealth indicators across 230 cities, each with a GDP of at least $50 billion in 2023, to identify the fastest-growing cities. The economic indicators included the city GDP in 2033 and future credit rating, as well as the percentage increase in city GDP growth between 2023–2033. The personal wealth indicators measured the percentage increase in city GDP per capita and the percentage increase in the number of households earning more than $70,000 over the 10 years analyzed. Meanwhile, the population indicators focused on the percentage increase in city population and migration between 2023–2033 and the future ratio of dependents to the working-age population in 2033. Only cities with a GDP of $50 billion and up in 2023 were included in the index.

Bottom Line

The rapid development of these cities is a testament to the potential and growth of the Asian region. However, it's crucial to manage this growth effectively to ensure it leads to improved living conditions and opportunities for the inhabitants. What are your thoughts on these rapidly developing cities? Do you think this growth will continue at the same pace? Share your thoughts and this article with your friends. Don't forget to sign up for the Daily Briefing, which is available every day at 6pm.