Me­gac­i­ties now and in the fu­ture

Financial Mirror (Cyprus) - - PROPERTY -

By 2030, there will be close to 40 me­gac­i­ties around the world, with a megac­ity be­ing de­fined as a greater ur­ban area home to more than 10 mil­lion in­hab­i­tants. Cur­rently most me­gac­i­ties sit in de­vel­oped mar­kets, but in the com­ing years the growth in me­gac­i­ties is ex­pected to take place in de­vel­op­ing mar­kets.

The busi­ness of me­gac­i­ties cur­rently re­volves around the ser­vice econ­omy. Al­most 90% of New York and Lon­don’s econ­omy comes from the ser­vice in­dus­try, while only around 60% of the ser­vice in­dus­try makes up La­gos’ econ­omy. Megac­ity growth in the fu­ture will largely take place in Africa with Dar es Salaam and Luanda join­ing Cairo and La­gos as me­gac­i­ties. New York be­came the first megac­ity in the 1950s. Guangzhou the largest met­ro­pol­i­tan area in the world as of now, ac­cord­ing to the Joint Re­search Cen­ter of the EU. (Source: Statista)

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