The Global Rush to Build New Skyscrapers
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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.
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
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 Name||City||Height (m)||Completed||Use|
|Shanghai Tower||Shanghai||632||2015||hotel / office|
|Ping An Finance Center||Shenzhen||599.1||2017||office|
|Guangzhou CTF Finance Centre||Guangzhou||530||2016||hotel / res / office|
|Shanghai World Financial Center||Shanghai||492||2008||hotel / office|
|International Commerce Centre||Hong Kong||484||2010||hotel / office|
|Zifeng Tower||Nanjing||450||2010||hotel / office|
|KK100||Shenzhen||441.8||2011||hotel / office|
|Guangzhou International Finance Center||Guangzhou||438.6||2010||hotel / office|
|Jin Mao Tower||Shanghai||420.5||1999||hotel / office|
|Two International Finance Centre||Hong Kong||412||2003||office|
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 Name||City||Height (m)||Completed||Use|
|Burj Khalifa||Dubai||828||2010||hotel / res / office|
|Marina 101||Dubai||425||2017||residential / hotel|
|Burj Mohammed Bin Rashid||Abu Dhabi||381.2||2014||residential|
|The Address Boulevard||Dubai||370||2017||res / hotel / retail|
|JW Marriott Marquis Hotel Dubai Tower 1||Dubai||355.4||2012||hotel|
|JW Marriott Marquis Hotel Dubai Tower 2||Dubai||355.4||2013||hotel|
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 Name||City||Height (m)||Completed||Use|
|Vostok Tower||Moscow||373.8||2016||residential / office|
|OKO - Residential Tower||Moscow||353.6||2015||residential / hotel|
|Mercury City Tower||Moscow||338.8||2013||residential / office|
|Stalnaya Vershina||Moscow||308.9||2015||res / hotel / office|
|Capital City Moscow Tower||Moscow||301.8||2010||residential|
|Naberezhnaya Tower Block C||Moscow||268.4||2007||office|
|Triumph Palace||Moscow||264.1||2005||residential / hotel|
|Capital City St. Petersburg Tower||Moscow||257.2||2010||office|
|Zapad Tower||Moscow||242.5||2008||residential / 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 Name||City||Height (m)||Target Date||Use|
|Central Park Tower||New York City||472.4||2020||res / hotel / retail|
|111 West 57th Street||New York City||435.3||2019||residential|
|One Vanderbilt||New York City||427||2021||office|
|30 Hudson Yards||New York City||386.6||2019||office|
|Vista Tower||Chicago||362.9||2020||residential / hotel|
|Comcast Technology Center||Philadelphia||341.7||2018||office / hotel|
|3 World Trade Center||New York City||328.9||2018||residential / hotel|
|Salesforce Tower||San Francisco||326.1||2018||office|
|9 DeKalb Avenue||New York City||324.9||2020||office|
|53 West 53rd||New York City||320||2019||res / 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.
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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