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The Global Rush to Build New Skyscrapers

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The Global Rush to Build New Skyscrapers

The Global Rush to Build New Skyscrapers

To see the full resolution version of this infographic that has higher legibility, click here.

As the creator of today’s visualization, Alberto Lucas López, points out, “the world’s tallest buildings have acted as barometers”.

Another way of putting it? Our biggest architectural accomplishments are highly visible symbols of what society values most, and those values have changed over time. Today, the paramount belief system in many parts of the world is in capitalism, and there is no more potent marker of the economic might than fantastically tall commercial skyscrapers.

Today’s visualization is an effective way to take in the mind-bending scale of the newest generation of megatall buildings. It’s headlined by Jeddah Tower, a skyscraper currently under construction in Saudi Arabia that will smash the one kilometer mark when it’s completed in 2019.

Cities are Growing Up

In general, only very large cities have the resources to build and support extremely tall buildings.

With the explosion of urbanization around the world and developing economies asserting themselves in high profile ways, the stage is set for a global skyscraper boom.

skyscraper construction stats

In the last two years, 39 skyscrapers taller than 300m have been constructed, with five of the them eclipsing the height of the Empire State Building.

Global skyscraper construction has increased a whopping 402% since 2000.

High-rise Hot Spots

China
Nearly every sizeable Chinese city has skyscrapers under construction, and the numbers are staggering. Since 2012, China has added 38 skyscrapers over 300m (~1,000 ft) in height, and there are another 16 skyscrapers on the way in 2018.

In particular, the Pearl River Delta megaregion, which is anchored by Hong Kong, Shenzhen, and Guangzhou, has seen an astonishing commercial construction boom. Today, 20 of the 100 tallest buildings on earth are located in just this one urban megaregion of China.

China’s Top 10 Tallest Buildings

Building NameCityHeight (m)CompletedUse
Shanghai TowerShanghai6322015hotel / office
Ping An Finance CenterShenzhen599.12017office
Guangzhou CTF Finance CentreGuangzhou5302016hotel / res / office
Shanghai World Financial CenterShanghai4922008hotel / office
International Commerce CentreHong Kong4842010hotel / office
Zifeng TowerNanjing4502010hotel / office
KK100Shenzhen441.82011hotel / office
Guangzhou International Finance CenterGuangzhou438.62010hotel / office
Jin Mao TowerShanghai420.51999hotel / office
Two International Finance CentreHong Kong4122003office

In total, 46 of the world’s 100 tallest skyscrapers are now located in China, and that number is sure to increase in coming years.

United Arab Emirates
Construction has been relentless in UAE for decades, and much of that development has been vertically-oriented. Today, Dubai is home to nearly 1,000 high-rise buildings, and there are 13 projects currently under construction that will hit or exceed the 300m mark.

UAE’s Top 10 Tallest Buildings

Building NameCityHeight (m)CompletedUse
Burj KhalifaDubai8282010hotel / res / office
Marina 101Dubai4252017residential / hotel
Princess TowerDubai413.42012residential
23 MarinaDubai392.42012residential
Burj Mohammed Bin RashidAbu Dhabi381.22014residential
Elite ResidenceDubai380.52012residential
The Address BoulevardDubai3702017res / hotel / retail
Almas TowerDubai3602008office
JW Marriott Marquis Hotel Dubai Tower 1Dubai355.42012hotel
JW Marriott Marquis Hotel Dubai Tower 2Dubai355.42013hotel

Russia
While the skylines of many European cities are conspicuously low-rise, an exception to that rule is in Moscow’s International Business Centre, where four 300m+ towers have been completed since 2012.

Russia’s Top 10 Tallest Buildings

Building NameCityHeight (m)CompletedUse
Vostok TowerMoscow373.82016residential / office
OKO - Residential TowerMoscow353.62015residential / hotel
Mercury City TowerMoscow338.82013residential / office
Stalnaya VershinaMoscow308.92015res / hotel / office
Capital City Moscow TowerMoscow301.82010residential
Naberezhnaya Tower Block CMoscow268.42007office
Triumph PalaceMoscow264.12005residential / hotel
Capital City St. Petersburg TowerMoscow257.22010office
Evolution TowerYekaterinburg2462015residential
Zapad TowerMoscow242.52008residential / office

What about the United States?

In the early 20th century, the United States was the undisputed champion of skyscraper construction, but that has tapered off dramatically. In fact, only six commercial towers over 300m have been constructed in the last 20 years.

The exception may be the city that started it all: New York. There are currently 30 skyscrapers under construction in NYC, fueled in part by a red-hot luxury real estate market.

America’s Top 10 Tallest Buildings (Under Construction)

Building NameCityHeight (m)Target DateUse
Central Park TowerNew York City472.42020res / hotel / retail
111 West 57th StreetNew York City435.32019residential
One VanderbiltNew York City4272021office
30 Hudson YardsNew York City386.62019office
Vista TowerChicago362.92020residential / hotel
Comcast Technology CenterPhiladelphia341.72018office / hotel
3 World Trade CenterNew York City328.92018residential / hotel
Salesforce TowerSan Francisco326.12018office
9 DeKalb AvenueNew York City324.92020office
53 West 53rdNew York City3202019res / office / retail

Philadelphia and San Francisco will soon have new additions to their skylines as Comcast and Saleforce complete their flagship construction projects. If current construction numbers are any indication, America’s love affair with the skyscraper may be reignited in urban centers across the country.

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Chart of the Week

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.

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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.

Mediterranean Malaise
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)
89🇬🇷 Greece-37%
87🇨🇾 Cyprus-21%
86🇮🇹 Italy-14%
85🇪🇸 Spain-13%
84🇹🇷 Turkey-11%
82🇪🇬 Egypt-10%
80🇫🇷 France-7%
76🇭🇷 Croatia-6%

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.

Australia
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.

Venezuela
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 MarketWealth growth (2017 -2018)
🇻🇪 Venezuela-25%
🇹🇷 Turkey-23%
🇦🇷 Argentina-20%
🇵🇰 Pakistan-15%
🇦🇴 Angola-15%
🇺🇦 Ukraine-13%
🇫🇷 France-12%
🇷🇺 Russia-12%
🇮🇷 Iran-12%
🇶🇦 Qatar-12%

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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China

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.

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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:

RankCountryProj. GDP (2030, PPP)GDP (2017, PPP)% change
#1China$64.2 trillion$23.2 trillion+177%
#2India$46.3 trillion$9.5 trillion+387%
#3United States$31.0 trillion$19.4 trillion+60%
#4Indonesia$10.1 trillion$3.2 trillion+216%
#5Turkey$9.1 trillion$2.2 trillion+314%
#6Brazil$8.6 trillion$3.2 trillion+169%
#7Egypt$8.2 trillion$1.2 trillion+583%
#8Russia$7.9 trillion$4.0 trillion+98%
#9Japan$7.2 trillion$5.4 trillion+33%
#10Germany$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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