Mapping the World’s New Megacities in 2030
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
Rapid urbanization is one of the major forces shaping our global economic future.
A century ago, it was almost unfathomable that any person would want to live in a city with 10 million other people, but by the 1930s, New York City was the first metropolitan area to pass the mark. Fast forward to today, and there are 33 urban areas that meet the definition of a “megacity” spread throughout the globe.
It’s true that many of these megacities have been global centers for a long time – think cities like London, Tokyo, Los Angeles, and Paris – but we are now entering an era in which new megacities are cropping up every other year, including ones that have less familiar names and backstories.
The Megacity Landscape
Today’s chart is based on a forecast from Euromonitor International, outlining how the megacity landscape will shift in the coming years.
It focuses on the 39 megacities expected by the year 2030, when they will house 9% of the global population and contribute 15% of the world’s GDP. These same megacities will take up about 3% of global land mass.
New Megacities by 2030
Just over a decade from today, there will be five new megacities in developing countries, and one from a developed market:
The Windy City has been on the cusp of the megacity mark for some time, and it will finally hit 10 million inhabitants in the coming years. In 2030, it will have by far the biggest GDP of all new megacities, at $596 billion (constant 2017 prices).
The high-altitude Colombian capital will join the ranks of other Latin American megacities like Rio de Janeiro, São Paulo, Mexico City, Lima, and Buenos Aires. It will have a $109 billion economy (constant 2017 prices) by this time.
This is the entry to the list with the fastest-growing population. Between 2017-2030, the city will increase its residents by 60% – but it will still be nowhere as big as Cairo, which will be Africa’s biggest megacity at 29.8 million people.
This city, which is on the Bay of Bengal in eastern India, will be the most dense of all new megacities by 2030. Chennai’s economy, however, will be $50 billion (constant 2017 prices) – which is just 1/12 the size of Chicago’s.
Iraq’s biggest city already has close to 8 million inhabitants, but by 2030 it will get to the double digits thanks to its impressive population growth rate.
Dar es Salaam
The most populous city in Tanzania is growing almost as fast as Luanda – and on top of that, it has the fastest-growing (and smallest) GDP of the six new megacities. This isn’t the first time the city’s name has come up in a projection like this, as the Global Cities Institute sees it being the third most populous city in the world further down the line.
What other interesting things are projected to happen to key urban centers?
- Jakarta is anticipated to be the biggest megacity of all in 2030 with 35.6 million people
- Tokyo will fall from the top spot, as an aging population translates to negative population growth
- Osaka will be the oldest megacity with 31% of the population aged 65+
- Lagos will be the fastest-growing city overall in the 2017-2030 timeline
- Roughly a dozen cities will double their economies over this timeframe, led by Dhaka, Manila, and Bangalore
When it comes to global urbanization, the only constant is change – and massive metropolises that seem unfathomable today could be much more commonplace down the road.
The 10 Breakthrough Technologies That Will Define 2019
Which innovations will dominate headlines in 2019? According to Bill Gates, watch for these 10 breakthrough technologies to change the world.
The 10 Breakthrough Technologies That Will Define 2019
Gone are the days of turning stones into spears. With the advent of new technologies, we’ve learned to develop tools that not only make living faster and easier every day, but also improve the future of humanity as a whole.
Today’s Chart of the Week draws from the MIT Technology Review, which features Bill Gates’ predictions for the top 10 breakthrough inventions that will capture headlines in 2019.
Top 10 Breakthrough Technologies
1. Gut Probe in a Pill
These swallowable devices can detect and potentially prevent diseases that cause malnutrition and stunted growth in millions of children worldwide.
2. Custom Cancer Vaccines
Personalized cancer vaccines, targeting only the cancerous cells and leave healthy cells alone, could help ensure faster recovery times and pose fewer risks to patients.
3. Meat-free Burgers
Plant-based and lab-grown food products will ideally alleviate the environmental impact of the livestock industry.
4. Smooth-talking AI assistants
The AI assistants of the future will have even more human-like conversations to personally engage customers. Companies would see measurable benefits, with just one breakthrough here garnering a 5% jump in productivity.
5. Sanitation without sewers
Improperly drained sewage causes death in one out of every nine children. Sanitation that doesn’t require sewers would not only prevent exposure diseases but also help turn waste into useful products like fertilizer.
6. ECG on your wrist
While most medical ECGS have up to 12 nodes to detect abnormalities, today’s wearables typically have only one. An ECG on the wrist would help reduce the risk of heart disease by monitoring changes and patterns in daily life.
7. Robot Dexterity
Advancements in robotics will enable the natural dexterity required to complete a greater range of tasks, such as helping an ailing loved one out of bed, doing the laundry, or building toys.
8. Predicting Preemies
Premature births are the leading cause of death for children under five years old. Tests to detect the possibility of a premature birth could be available in doctors’ offices in as little as five years.
9. Carbon Dioxide Catcher
Carbon dioxide catchers filter out CO₂ from the air and capture it for other uses. These include synthetic fuel creation, CO₂ for soft drinks, and plant growth in greenhouses.
10. New-wave Nuclear Power
Traditional nuclear reactors produce ~1,000 megawatts (MW), while these proposed mini-reactors would produce tens of megawatts ─ making them safer, more stable, and more financially viable for potential users.
A Vision for a Better Future
The biggest takeaway?
Seven of the 10 breakthrough technologies stem from the healthtech sector.
While several inventions on this list are years away from becoming a reality, they continue to embody the vision and passion that humans share to create and explore.
How the Modern Consumer is Different
We all have a stereotypical image of the average consumer – but is it an accurate one? Meet the modern consumer, and what it means for business.
How the Modern Consumer is Different
There is a prevailing wisdom that says the stereotypical American consumer can be defined by certain characteristics.
Based on what popular culture tells us, as well as years of experiences and data, we all have an idea of what the average consumer might look for in a house, car, restaurant, or shopping center.
But as circumstances change, so do consumer tastes – and according to a recent report by Deloitte, the modern consumer is becoming increasingly distinct from those of years past. For us to truly understand how these changes will affect the marketplace and our investments, we need to rethink and update our image of the modern consumer.
A Changing Consumer Base
In their analysis, Deloitte leans heavily on big picture demographic and economic factors to help in summarizing the three major ways in which consumers are changing.
Here are three ways the new consumer is different than in years past:
1. Increasingly Diverse
In terms of ethnicity, the Baby Boomers are 75% white, while the Millennial generation is 56% white. This diversity also transfers to other areas as well, such as sexual and gender identities.
Not surprisingly, future generations are expected to be even more heterogeneous – Gen Z, for example, identifies as being 49% non-white.
2. Under Greater Financial Pressure
Today’s consumers are more educated than ever before, but it’s come at a stiff price. In fact, the cost of education has increased by 65% between 2007 and 2017, and this has translated to a record-setting $1.5 trillion in student loans on the books.
Other costs have mounted as well, leaving the bottom 80% of consumers with effectively no increase in discretionary income over the last decade. To make matters worse, if you single out just the bottom 40% of earners, they actually have less discretionary income to spend than they did back in 2007.
3. Delaying Key Life Milestones
Getting married, having children, and buying a house all have one major thing in common: they can be expensive.
The average person under 35 years old has a 34% lower net worth than they would have had in the 1990s, making it harder to tackle typical adult milestones. In fact, the average couple today is marrying eight years later than they did in 1965, while the U.S. birthrate is at its lowest point in three decades. Meanwhile, homeownership for those aged 24-32 has dropped by 9% since 2005.
A New Landscape for Business?
The modern consumer base is more diverse, but also must deal with increased financial pressures and a delayed start in achieving traditional milestones of adulthood. These demographic and economic factors ultimately have a ripple effect down to businesses and investors.
How do these big picture changes impact your business or investments?
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