Out of the world’s top 15 growth hubs, 14 are forecast to be located in Asia, according to the Growth Hub Index 2024 by British real estate service Savills. These cities have been identified as set to develop particularly quickly by 2033, based on indicators measuring rising wealth, expanding economies and the potential for new development and business expansion.
As the following chart shows, four Indian cities feature in the top 10, with Bengaluru in the top position. It is followed by Ho Chi Minh City in Vietnam and India’s Delhi.
The report highlights how there is an intra-regional manufacturing shift unfolding from China to Southeast Asia. At the same time, North Asia is aging, as seen with countries such as Japan and South Korea, while Southeast Asia and India are still young and urbanizing.
Several reasons cited for the anticipated rise in Asia include how many parts of the region have embraced tech-driven growth, while at the same time continuing to benefit from a strong traditional manufacturing sector. Many Asian cities are also forecast to see a growing middle class as personal wealth rises across the region, while investment in infrastructure as well as strategies to improve connectivity are also among the reasons helping these cities rank well.
The authors note that if rapid urbanization is managed well, then it can lead to better health outcomes of populations and improved employment prospects and education, while if poorly managed, it can exacerbate poverty, crime and health issues.
Savills analysts looked at several indicators on economies, populations and wealth across 230 cities with a GDP of $50 billion and up 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.
