After decades of hyper-growth and worsening pollution, China has fully embraced rapid transit as a way to keep cities moving. By 2020, China aims to have 7,000 km (4,300 mi.) of rapid transit lines, more than five times what exists in the U.S. today.
The following animation from Peter Dovak shows this rapid transit revolution playing out by year:
MIND THE GAP
In the above animation, there’s a distinct uptick in the number of projects started after 2004. It was in this year that the government lifted a ban on new metro construction, after worsening congestion and pollution caused the government to rethink their stance. There has been a rapid transit boom in the country ever since.
Soon, minimum population requirements for cities looking to build subway systems will be halved from 3 million to 1.5 million, and this move is expected to set off an even bigger wave of infrastructure investment in cities throughout the country.
Hundreds of kilometers of track are being added each year. As a result of this unparalleled pace of metro construction, China’s ratio of Rapid Transit to Residents (RTR) has risen steeply over the last 15 years.
RTR is a ratio that compares the length of rapid transit lines (measured in kilometers) with the country’s urban population (measured in millions of people). As you can see, China is making great strides in building urban transit networks, though it is still catching up to countries like Germany, which has a RTR of 81.
Chinese cities have a blend of attributes that make constructing metro lines an appealing option: fewer regulatory hurdles, a low cost of labor, and a high-density urban fabric. Also, because transit is treated as an essential public service (i.e. not expected to be profitable), China’s metros provide affordable mobility to its citizens. Even with Beijing’s recent metro fare increase, most rides only cost about ¥3 to ¥8, or $0.45 to $1.45.
Shanghai is now home to the longest metro system by route length, and the Beijing Subway has the highest ridership in the world. Not bad for cities that lacked any substantive transit system until the 1990s.
By 2020, China is expected to have 220+ cities with over a million inhabitants, so as long as the government can continue to provide the resources and funding to expanding transit networks, the building boom will likely continue unabated.
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.
Animation: The Biggest Economies in 2030
By 2030, the complexion of the global economy could look very different. This animation shows how the world’s biggest economies will change over time.
By 2030, the complexion of the global economy could look very different than it does today.
According to recent projections from Standard Chartered, a multinational bank headquartered in London, the next decade will see emerging markets like India and Turkey ascending the global economic ladder to become tomorrow’s powerhouses.
Visualizing the Boom in Emerging Markets
Today’s animation is based on a previous chart of the week we created that shows how economic growth is expected to unfold in the coming years.
View the projected change in rankings for the biggest economies from 2017 to 2030 below:
If the projections used in the above video prove to be accurate, the largest economy in 2030 will be China with $64.2 trillion in GDP after adjusting for purchasing power parity (PPP).
That’s nearly $20 trillion more than India, which will be the second largest by that time.
From Good to Great
While the sheer size of the Chinese economy is certainly an exclamation point, perhaps the more interesting story here is the ascent of developing markets in general.
By 2030, it’s projected that seven of the world’s 10 biggest economies will fall into that category:
|Rank||Country||Proj. GDP (2030, PPP)||GDP (2017, PPP)||% change|
|#1||China||$64.2 trillion||$23.2 trillion||+177%|
|#2||India||$46.3 trillion||$9.5 trillion||+387%|
|#3||United States||$31.0 trillion||$19.4 trillion||+60%|
|#4||Indonesia||$10.1 trillion||$3.2 trillion||+216%|
|#5||Turkey||$9.1 trillion||$2.2 trillion||+314%|
|#6||Brazil||$8.6 trillion||$3.2 trillion||+169%|
|#7||Egypt||$8.2 trillion||$1.2 trillion||+583%|
|#8||Russia||$7.9 trillion||$4.0 trillion||+98%|
|#9||Japan||$7.2 trillion||$5.4 trillion||+33%|
|#10||Germany||$6.9 trillion||$4.2 trillion||+64%|
Over this timeframe, countries like Egypt, China, India, Indonesia, Turkey, and Brazil will all see their economies expand with triple-digit growth in PPP terms.
In particular, India’s economy will be buoyed by rapid population growth in its cities, which are some of the fastest-growing urban areas on the planet. At the same time, Egypt’s economy is expected to grow from $1.2 trillion to $8.2 trillion according to the bank – although we would add that this seems quite optimistic.
Finally, developed economies like the United States, Germany, and Japan will keep growing – but just not at the blistering pace of developing countries. If these projections turn out, the Japanese and German economies will round out the list with the #9 and #10 spots, respectively.
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