The Savills Growth Index for 2024 has unveiled the fastest-developing cities worldwide, with an emphasis on urbanization and technological advancement. Notably, Bengaluru, India, has secured the top position, followed by Ho Chi Minh City, Vietnam. This report highlights the key factors driving growth in these cities, emphasizing the rise in wealth and population.
Also Read: Softy Ice Cream Classified as Non-Milk Product, Subject to 18% GST: Authority
Urbanization and Economic Growth
As of now, approximately 55% of the global population resides in urban areas, and this figure is expected to rise to 68% by 2050, according to UN projections. The trend of urbanization, primarily observed in Asia and Africa, signifies a substantial shift of populations from rural to urban settings. This shift is expected to enhance urban performance, creating a conducive environment for economic and business growth.
With nearly 90% of this growth occurring in Asia, the region is witnessing a significant transformation. Cities are emerging as attractive hubs characterized by increasing wealth and expanding economies, fostering opportunities for new developments.
Fastest-Developing Cities by 2033
The following cities have been identified as the fastest-developing globally by 2033, based on criteria such as economy, population, and wealth:
| Rank | City | Country | Region |
|---|---|---|---|
| 1 | Bengaluru | India | South Asia |
| 2 | Ho Chi Minh City | Vietnam | Southeast Asia |
| 3 | Delhi | India | South Asia |
| 4 | Hyderabad | India | South Asia |
| 5 | Mumbai | India | South Asia |
| 6 | Shenzhen | China | East Asia |
| 7 | Guangzhou | China | East Asia |
| 8 | Suzhou | China | East Asia |
| 9 | Riyadh | Saudi Arabia | Middle East |
| 10 | Manila | Philippines | Southeast Asia |
Also Read: Heavy Rains Cause Waterlogging and Traffic Jams in Bengaluru, Schools Declared Closed
Key Highlights
- Bengaluru: Topping the list, Bengaluru is recognized for its vibrant economy and tech-driven growth. It serves as a major IT hub, attracting a skilled workforce and fostering innovation.
- Ho Chi Minh City: This city has seen rapid growth due to an increase in high-income households, making it a significant player in Southeast Asia’s economy.
- Indian Cities: India claims four spots in the top ten, highlighting the country’s rapid urbanization and economic development. Cities like Delhi, Hyderabad, and Mumbai are experiencing substantial growth driven by migration from Tier-2 and Tier-3 cities.
- Chinese Cities: Despite a slowing economy, China remains prominent in the growth rankings, with cities like Shenzhen, Guangzhou, and Suzhou showcasing robust infrastructure and convenient commuting options.
- Riyadh: The only Middle Eastern city in the top rankings, Riyadh is projected to grow its population by 26% in the next decade, aligning with Saudi Arabia’s broader economic goals.
Also Read: Nagpur to Observe ‘Swachh Diwali, Shubh Diwali’ under NMC Initiative
Conclusion
The Savills Growth Index illustrates a clear trend of urbanization, particularly in Asia, where economic opportunities and population growth converge. As cities like Bengaluru and Ho Chi Minh City lead the charge, the world will witness transformative changes in urban landscapes driven by technological advancements and an expanding middle class. The increasing emphasis on infrastructure and services will be crucial in sustaining this growth trajectory in the coming years.
