The Best and Worst Performing Wealth Markets in the Last 10 Years
The Best and Worst Performing Wealth Markets
A lot can change in a decade.
Ten years ago, the collapse of Lehman Brothers sent the world’s financial markets into a tailspin, a catalyst for years of economic uncertainty.
At the same time, China’s robust GDP growth was reaching a fever pitch. The country was turning into a wealth creation machine, creating millions of newly-minted millionaires who would end up having a huge impact on wealth markets around the world.
The Ups and Downs of Wealth Markets (2008-2018)
Today’s graphic, using data from the Global Wealth Migration Review, looks at national wealth markets, and how they’ve changed since 2008.
Each wealth market is calculated from the sum of individual assets within the jurisdiction, accounting for the value of cash, property, equity, and business interests owned by people in the country. Just like other kinds of markets, wealth can grow or shrink over time.
Here are a few countries and regions that stand out in the report:
Developing Asian Economies
In terms of sheer wealth growth, nothing comes close to countries like China and India. The size of these markets, combined with rapid economic growth, have resulted in triple-digit gains over the last 10 years.
For the world’s two most populous countries, it’s a trend that is expected to continue into the next decade, despite the fact that many millionaire residents are migrating to different jurisdictions.
European nations saw very little growth over the past decade, but the Mediterranean region was particularly hard-hit. In fact, eight of the 20 worst performing wealth markets over the last decade are located along the Mediterranean coast:
|Rank (Out of 90)||Country||% Growth (2008-2018)|
European Bright Spots
There were some bright spots in Europe during this same time period. Malta, Ireland, and Monaco all achieved positive wealth growth at rates higher than 30% over the last 10 years.
While it’s expected to see rapidly-growing economies as prolific producers of wealth, it is much more surprising when mature markets perform so strongly. Singapore and New Zealand fall under that category, as does Australia, which was already a large, mature wealth market.
Australia recently surpassed both Canada and France to become the seventh largest wealth market in the world, and last year alone, over 12,000 millionaires migrated there.
The long-term economic slide of Venezuela has been well documented, and it comes as no surprise that the country saw extreme contraction of wealth over the last decade. Since war-torn countries are not included in the report, Venezuela ranked 90th, which is dead-last on a global basis.
Short Term, Long Term
In 2018, global wealth actually slumped by 5%, dropping from $215 trillion to $204 trillion.
All 90 countries tracked by the report experienced negative growth in wealth, as global stock and property markets dipped. Here’s a look at the wealth markets that were the hardest hit over the past year:
|Wealth Market||Wealth growth (2017 -2018)|
The future outlook is rosier. Global wealth is expected to rise by 43% over the next decade, reaching $291 trillion by 2028. If current trends play out as expected, Vietnam could likely top this list a decade from now with a staggering 200% growth rate.
Ranked: The Cities with the Most Skyscrapers in 2023
We rank the world’s leading cities with the most skyscrapers, highlighting China’s remarkable dominance in building vertically.
Ranked: The Cities with the Most Skyscrapers in 2023
When it comes to soaring skylines and architectural marvels, no country has embraced the vertical revolution quite like China.
In this graphic, which uses data from the Council on Tall Buildings and Urban Habitat (CTBUH), we reveal the 25 cities with the most skyscrapers and supertall buildings globally.
Unsurprisingly, China’s cities dominate the list, solidifying the country’s reputation as a global powerhouse of tall buildings.
The 25 Top Cities by Skyscraper Count
Topping the charts is Hong Kong, with an impressive 657 skyscrapers, including six supertalls (buildings over 300 meters tall).
|Rank||City||Country||Skyscrapers (>150m)||Supertalls (>300m)|
|1||Hong Kong||🇨🇳 China||657||6|
|3||New York City||🇺🇸 United States||421||16|
|4||Dubai||🇦🇪 United Arab Emirates||395||28|
|7||Kuala Lumpur||🇲🇾 Malaysia||211||5|
|11||Chicago||🇺🇸 United States||178||7|
|22||Busan||🇰🇷 South Korea||106||4|
|23||Seoul||🇰🇷 South Korea||104||2|
Hong Kong, along with Shenzhen (#2), and Guangzhou (#5) are part of the burgeoning megacity known as the Pearl River Delta, which is home to over 1,500 skyscrapers. This is even more impressive when considering that Shenzhen was a small fishing village until the 1970s.
New York City secures the third position on the list, boasting an impressive tally of 421 skyscrapers. Although it may have relinquished its title to Chinese cities, the city’s skyline endures as a globally renowned symbol, prominently featuring the iconic Empire State Building. Notably, while the Empire State Building enjoys widespread familiarity, it no longer ranks among the world’s 50 tallest structures.
Rounding out the top five is Dubai in the United Arab Emirates, which grabs the fourth position with 395 skyscrapers, a staggering 28 of which are supertalls. This desert oasis has become synonymous with grandiose architecture and record-breaking structures, exemplified by the Burj Khalifa, which is the world’s current tallest building at 828 meters (2,715 ft).
China’s Numbers in Context
Looking at this data from another perspective, China actually has more skyscrapers on this list than the rest of the world combined.
|Country||Cities in Top 25||Skyscrapers||Supertalls|
|🌐 Rest of World||13||2350||67|
China’s rapid urbanization, economic growth, and ambitious construction projects have fueled this impressive feat. There’s no doubt that the country’s relentless pursuit of vertical development, coupled with its booming population and thriving cities, has positioned China as the unrivaled leader in the global skyscraper race.
The Future of the Global Skyline
As the world continues to reach new heights in architectural marvels, there are even more supertall skyscrapers in the pipeline that will reshape skylines across the globe.
From the soaring Jeddah Tower in Saudi Arabia, poised to surpass the Burj Khalifa as the world’s tallest building, to the remarkable Merdeka 118 in Kuala Lumpur, which is set to claim the title of the world’s second-tallest structure when it opens in June 2023, these projects will captivate city dwellers for years to come.
Even as these new monumental buildings rise, China’s prominence in the world of skyscrapers—with three cities in the top five globally—is likely to remain unchallenged.
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