It is the world’s major cities that are the powerhouses of global growth. Teeming with industry and services, brimming with innovation, and home to booming and increasingly more skilled and diverse labour forces, the world’s 750 biggest cities today account for some 57% of global GDP.
According to a study by Oxford Economics earlier this year, by 2030 the 750 will contribute close to a staggering US$80 trillion to the world economy (61% of total world GDP) and, with it, offer vast commercial opportunity for those who can serve their needs in everything from office space to basic goods and services.
In that year, there will be 410 million more people living in these cities. That means approximately 240 million new jobs and 260 million new homes will need to be created. Also, citizens of these cities will have 1.1 billion jobs, representing 30% of total jobs.
According to the paper, New York City will contribute the most to global economic growth by 2030. Unsurprisingly, China is the country with the most cities in the top 10, as can be seen in the table below from the World Economic Forum.