For thousands of years, the technological advancements needed to build taller structures only inched forward. For example, the Great Pyramid of Giza, erected over 4,000 years ago at a height of 481 ft (147 m), amazingly made the list of the world’s 10 tallest buildings all the way until 1889.
Improvements in height had been mostly incremental for centuries.
Consider the Washington Monument, which was the world’s second-tallest structure leading into the 20th century and still the tallest standing stone structure today. Completed in 1884, it stands 555 feet (169 m) tall, only barely edging out the Great Pyramid.
The Tallest Buildings Over Time
Modern skyscrapers are mind-blowing in comparison. Look no further than the Jeddah Tower, which is currently being built in Saudi Arabia.
Expected to be finished in 2019 at a height of 3,280 ft (1,000 m), the Jeddah Tower will be the world’s first building over 1 km in height. Equivalent to nearly seven Great Pyramids of Giza stacked on top of one another, it will be the new centerpiece of the Middle Eastern desert, as well as the hub of the $20 billion development known as the Jeddah Economic City.
Here’s how the rankings for the world’s tallest buildings have changed over the last century or so:
In the modern era, the rankings can change very quickly. For example, the Sears Tower was built at a height of 1,450 ft (442 m) in 1974 and held the title of the tallest building for nearly 25 years. Today, the building (now known as the Willis Tower) does not even make the top 10 list. Within five years, it is not expected even make the list of the world’s 20 tallest buildings.
So where are the newest megatowers being built?
Primarily in Asia and the Middle East, it turns out. It is estimated that by 2020, that seven of the world’s ten tallest towers will reside in Asia, while three will be located in the Middle East in countries such as UAE or Saudi Arabia.
The tallest building in the Americas is currently One World Trade Center in New York City, which stands 1,776 ft (541 m) above the streets of Manhattan.
Original graphic by: Alan’s Factory Outlet
A Timeline of U-Turns from the Chinese Market
It’s hard to ignore the massive economic opportunities available in the Chinese market, but it’s also notoriously difficult to succeed in.
China’s economic surge is one of the biggest stories of the 21st century.
Hundreds of millions of people have been lifted out of poverty, and China’s swelling middle class has attracted the interest of Western companies.
As many American companies have discovered, doing business in China is far from straightforward. Recent history is littered with examples of companies that entered the Chinese market to great fanfare, only to retreat a few years later.
Calling Off The Offensive
Today’s infographic highlights 11 companies that ended up tapping the brakes on their ambitious forays on the other side of the Pacific.
Then, we take a look at the factors that influenced these strategic withdrawals.
Here are some high profile examples of corporate u-turns by American companies operating in the Chinese market:
When Google China’s search engine was launched in 2006, the company had made the controversial decision to censor search results within the country. Google publicly displayed a disclaimer indicating that some results were removed, which created tensions with the Chinese government.
For a while, things seemed to be going well. Even though a domestic company, Baidu, had captured the majority of the Chinese search market, Google did have a respectable market share of about 30%.
Google China’s fortune took a turn for the worse in 2010 after a major hack – Operation Aurora – exposed user data as well as intellectual property. The hack, which originated from within China, was the last straw for Google’s executive team. After one last ditch effort to provide unfiltered search results within China, the company retreated beyond the firewall.
Amazon was an early entrant into the Chinese market. In 2004, the company acquired Joyo – an online shopping site – which was eventually rebranded to Amazon China in 2011.
Amazon China achieved some early success hitting a market share of around 15%, but today, that market share has eroded to less than 1%. Facing nearly insurmountable competition from domestic e-commerce platforms like JD and Taobao, the company recently announced it would be exiting the Chinese market.
After arriving fashionably late for the ride-hailing party in 2014, it quickly became clear that Uber was facing an uphill battle against well-funded domestic rivals. After only two years, Uber elected to u-turn out of the Chinese market.
Though Uber’s tactical exit from China is often viewed as a failure, the company has earned upwards of $8B through its sale to competitor Didi Chuxing.
A Two-Way Street
Now that red-hot growth at home is beginning to taper off, a number of Chinese companies have begun their push into other markets around the world. Much like their American counterparts, brands pushing beyond China’s borders are seeing varied success in their expansion efforts.
One high-profile example is Huawei. The telecommunications giant has been making inroads in countries around the world – particularly in emerging markets – but has seen pushback and scrutiny in a number of developed economies. Huawei has become a lightning rod for growing concerns over government surveillance and China’s growing influence over the global communications network.
Already, Australia has blocked the company from participating in its 5G network, and in the United States, government agencies are banned from buying Huawei gear.
If negative sentiment continues to build, it remains to be seen whether Huawei and other Chinese companies will follow the playbook of American brands in China, and turn the car around.
The Best and Worst Performing Wealth Markets in the Last 10 Years
This telling chart shows how national wealth markets have changed over the past decade, highlighting the biggest winners and losers.
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.
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