A potent mix of rising wealth, expanding economies and strong development and expansion potential has seen Asian cities take 14 of the top 15 places in an index of the world’s fastest-growing major cities by 2033, while the Middle East dominates a list of top destinations for executive nomads (see below).
The Savills Growth Hubs Index of fastest-developing cities shows that global growth has pivoted from West to East. India’s Bengaluru is ranked first, Vietnam’s Ho Chi Minh City second and Delhi third.
Riyadh in Saudi Arabia is the only non-Asian city to feature in the top 15
India (which has three cities in the top five) and mainland China both feature heavily, with five cities each in the top 15, while Vietnam has two in the top 10. Riyadh in Saudi Arabia is the only non-Asian city to feature in the top 15.
The index is a ranking of 230 cities around the world on five factors – economy (credit rating and GDP), population (growth and dependency ratio) and personal wealth – to identify those most likely to outpace their competitors in the decade to 2033.
Asian outperformance
The near monopoly of Asia’s cities in the rankings is powered by tech-driven economic growth, planned connectivity investments, business competitiveness strategies and a significant rise in personal wealth in the region.
India’s megacities will continue to draw in a young and still largely rural population
In India, the strong services sector is backed by resurgent engineering and manufacturing businesses, buoyed by government policy and a leaner tax structure. The country’s megacities will continue to draw in a young and still largely rural population.
In China, economic growth is slowing but a different type of tech-led growth is emerging through solar panels, semiconductors and e-vehicles. Three of its cities in the top 15 (Shenzhen, Guangzhou and Dongguan) are part of the Greater Bay Area, where the government has built infrastructure, made commuting easy and encouraged companies to build inter-regional relationships.
In Vietnam, a series of step changes in infrastructure, regulation and planning is capturing strong inflows of foreign direct investment. The economy has transitioned from traditional dirt-floor fabrication to high-tech manufacturing, and personal wealth is growing fast.
Globetrotter go-tos
While Asia dominates the Savills growth hubs index, the Middle East takes both first and second place in the property company’s latest Executive Nomad Index. This ranks 25 destinations based on their appeal and ease of access for long-term remote workers, considering internet speed, air connectivity, climate stability, prime residential rental market prices and overall quality of life.
As executive nomads – highly skilled professionals, business owners and CEOs who can work from anywhere in the world – often travel with their families, access to good healthcare and education facilities is as important to a high ranking as great connectivity, weather and quality of life.
Abu Dhabi has good internet speeds and a great quality of life
Dubai remains the top destination, scoring particularly highly for its air links, while Abu Dhabi has jumped two places to second with good internet speeds and a great quality of life. Savills rates both cities as offering everything needed to thrive personally and professionally, with a focus on creating a lively business environment. The UAE has a huge expatriate workforce, attracted by the country’s regulatory support, infrastructure and economic strength as well as its panoply of tourist and leisure attractions.
Three of the top 10 rankings are in Spain, two in Portugal and two in the Caribbean. Cities with beachside access (Málaga, Miami, Lisbon, Barcelona and Palma) continue to outperform in the top 10.
