Asian cities dominate Savills list of fastest-developing cities on the planet
14 of the 15 fastest growing cities by 2033 are likely to be in Asia, says Savills, posing particular opportunities for new development and business expansion, with the only non-Asian city to feature in the top 15 list being Riyadh in Saudi Arabia.
Savills examined the economic strength pillar of its Resilient Cities Index, produced as part of its global research programme Impacts, and forecast it to 2033, to identify high-growth cities with rising wealth and expanding economies. Indian and Chinese cities take five spots in the top 15 each, followed by Vietnam with two, and the Philippines, Bangladesh, and Saudi Arabia with one each.
See the Savills Resilient Cities: Growth Hubs top 15 here: https://www.savills.co.uk/insight-and-opinion/savills-news/362725/asian-cities-dominate-savills-list-of-fastest-developing-cities-on-the-planet
Paul Tostevin, director and head of Savills World Research, comments: “In economic terms, cities in India and Bangladesh are set to average GDP growth of 68% between 2023 and 2033, followed by those Southeast Asia, including Vietnam and the Philippines, by 60%. They are also set to see stronger personal wealth growth, due to expanding middle classes, compared to other cities around the world. Future economic performance and population growth alone will not automatically put these cities at the top of our overarching Resilient Cities Index, however, as this also considers ESG, sustainability, improve education and labour force factors, and the stability, transparency and liquidity of their real estate markets, to indicate which are the most resilient locations in the world.”
Simon Smith, head of research & consultancy, Asia Pacific at Savills, adds: “Global city growth looks set to further pivot from west to the east, with these cities set to be centres of innovation and important places for growing and scaling businesses. This will underpin future demand for offices, logistics space, and homes, especially in Southeast Asia which is also benefiting from manufacturing drivers, as the need for more resilient supply chains has intersected with traditionally low-cost Asian land and labour markets becoming more expensive, forcing industries to consider relocating. Rising personal wealth and disposable incomes will also open up further retail and leisure opportunities in many cities.”
