GlobalData: Asian megacities set for future growth

Some 8.2% of the world’s population reside in megacities, or cities with a population over 10 million, according to market researcher GlobalData’s City Economics Database. Megacities account for 14% of global GDP and offer “numerous opportunities for businesses, investments, and trade, while offering… a good standard of living”, said GlobalData.

Today, the overwhelming majority of megacities are located in Asia, which includes major metropolitan areas, such as Tokyo, Shanghai and New Delhi. In 2017, 21 Asian megacities were included among the 35 most populous cities in the world, according to the database.

In addition, the report predicts that Asian cities will continue to undergo rapid population expansions in the future, with Hyderabad, Lahore, and Zhengzhou expected to reach megacity status by 2025.

By 2025, Tokyo, the most populous city in the world with 36.68 million people), is predicted to increase by nearly two million people, according to the database. Likewise, Chinese megacities – Shanghai, Beijing, Guanzhou, Tianjin and Chongqing – are all expected to experience significant population increases before 2025.

Elsewhere, Bogotá and Cairo are predicted to reach megacity status between 2017 and 2025, while Europe is not expected to gain any megacities before 2025.

As megacities continue to expand globally, urban developers will have to plan accordingly, said Ramnivas Mundada, economic research analyst at GlobalData. “The right planning and investments in education, infrastructure, technology and transport, along with the adoption of robust social policies can help megacities achieve sustainable growth,” he said.