As urban world is moving towards the developing world, GlobalData, a data and analytics company, forecasts that 88 percent of the world megacities will be based in the developing economies of Asia, Europe & Central Asia, Latin America and Middle East & Africa by 2025. Out of 44 megacities in the developing world, GlobalData has identified 26 that will outperform developed cities by 2025.
All developed megacities, except Osaka, will become trillion-dollar economies in 2025 with Tokyo leading the trillion-dollar club with expected GDP of US$2.05 trillion, followed by New York, Los Angeles, London and Paris in 2025. Riding on the back of good economic growth, emerging megacities from India are expected to show maximum growth between 2018 and 2025 with Mumbai registering the fastest growth of 126.3 percent, followed by Hyderabad and Bangalore during the same period.
Growing consuming class to give edge to emerging megacities. The working age population of emerging megacities is expected to grow at 8.3 percent between 2018 and 2025, compared to 1.0 percent growth of developed megacities during the same period. Consumer spending in emerging megacities is approximately US$4.2 trillion purchasing power parity and GlobalData expects this amount to increase to US$6.3 trillion by 2025, with 44 percent of it coming from megacities in China and India.
