There are 22 second and third-tier Chinese cities reliant on export manufacturing to power economic growth and international engagement. While they have grown to reach middle-income status, they fall behind other global cities on many key competitiveness factors such as GDP and FDI.Įxamples: Mumbai, Cape Town, Mexico City, Hangzhou
These 28 cities are large business and transportation hubs for major national and regional markets in Africa, Asia, Latin America, and the Middle East. The six Asian Anchor cities are not as wealthy as the Global Giants, however they leverage attributes such as infrastructure connectivity and talented workforces to attract the most Foreign Direct Investment (FDI) out of any other metro grouping. They are hubs for financial markets and are characterized by large populations and a high concentration of wealth and talent. These six cities are the world’s leading economic and financial centers. This is just intended to show how wealthy the average citizen is per city, and is not a broader indicator relating to the success or overall ranking of a city. However, on the infographic, cities are sorted by GDP per capita within each typology, and given a number based on where they stand in terms of this metric. Important note: This isn’t intended to be a “ranking” of cities. The Brookings Institute has a new way of classifying these megacities, using various economic indicators.Īccording to their analysis, here’s what differentiates the seven types of global cities: With so many people moving to urban metropolitan areas, the complexion of cities and their economies change each day. In fact, it is estimated today by McKinsey that the 600 top urban centers contribute a whopping 60% to the world’s total GDP. This trend of urbanization has been a boon to global growth and the economy. By 2050, a whopping 70% of people will live in urban areas – some of which will be megacities housing tens of millions of people. Megacity Economy: How Seven Types of Global Cities Stack Upīack in 1950, close to 30% of the global population lived in cities.
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