Thanks to drastic increases in crop yields and the falling need for manual farm labor, a mass migration towards cities started in the years following the Industrial Revolution.
This phenomenon first originated in developed economies as people moved to work in factories that produced consumer goods at a scale never before seen. Then in the 1950s, developing economies started to follow suit.
The results have been staggering, and today a country like China has at least 35 massive cities that each have an economic output comparable to entire countries.
After many decades of urbanization, the portion of people living in urban areas has surpassed the total rural population. This happened in 2007, and we are now in the first window in human history in which more people are city dwellers.
So what cities are the meccas for urban migration today? And which are falling out of favor?
The Fastest Growing Cities (2000-2016)
The following interactive and zoomable map was put together by Datawrapper, using data from the United Nations.
It lists 500 cities with over 1 million people, and is shaded based on annualized population growth rate between 2000 and 2016. Percent growth corresponds with darker shades of teal, while orange symbolizes negative growth over the timeframe.
It’s strongly recommended to explore the map by zooming in on particular regions. Highlighting cities themselves will give you population details for 2000 and 2016, as well as an annualized percentage growth rate.
Here are some areas we thought were worth looking at in more detail:
North America is mostly what one may expect. The biggest cities (NYC, LA, Chicago, Toronto) aren’t changing too fast, while some cities in the Rust Belt (Detroit, Cleveland, Pittsburgh) have slightly negative growth rates. Austin, TX and Charlotte, NC seem to be the fastest growing cities in the U.S., overall.
Colombia’s Bogotá stands out as the city in South America growing at the most blistering pace. It gained 3.6 million people in the 2000-2016 year period, good for a 2.8% annual growth rate.
China and India
These two populous countries are home to many of the dark-shaded circles on the map. It’s worth looking at an additional screenshot here (just in case if you haven’t zoomed in above).
Look at the coast of China – it’s dotted with rapidly expanding cities. Incredibly, in the 16-year span of data, some of these cities have doubled in terms of population. Others like Xiamen have tripled in size. Shanghai alone has gained 10.5 million people in this span of time.
In India, the fastest growing cities are in the south, where there are at least 10 large cities that have roughly doubled in size. Delhi, which is in the north, has added nearly 11 million inhabitants over the same stretch.
In Africa, we see the names of many of the cities that are projected to be the world’s largest megacities by 2100.
Lagos in Nigeria has doubled to nearly 14 million people between 2000-2016, and it is expected to explode to 88.3 million people by 2100 to be the world’s most populous city overall. Dar es Salaam (Tanzania) and Kinshasa (DRC) are two other places that are set to grow rapidly by 2100, rounding out the list of the world’s three most populous megacities.
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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