Cities in Asia Pacific will account for three quarters of the top 50 and 85% of the top 20 fastest growing cities globally in the next decade, according to analysis from Savills. Bengaluru in India tops the list, propelled by a highly educated population and the city’s growing popularity as a location for global capability centres. In second place, Ho Chi Minh City in Vietnam is benefiting from astute infrastructure investment and a growing middle class.
As part of its Impacts thought leadership programme on resilient cities, Savills analysed the economic prospects of 245 cities through to 2035 to identify the world’s likely fastest-growing ‘growth hubs’. India, Vietnam and China all have several cities in the top 20, with Manila and Kuala Lumpur also featuring. Factors such as city GDP growth, personal wealth, population dependency ratio and inward migration, all indicate which cities are likely to be centres for growth in the next decade. These cities are likely to see their real estate markets swiftly grow and evolve to cater for this growth, offering opportunities for investors and developers, says Savills.
Chris Marriott, CEO Savills, South East Asia, comments: "With a median age around 30 and a large portion of the population under 35, Southeast Asia’s growth hubs benefit from a powerful demographic tailwind. This demographic dividend is driving a young and expanding workforce, rising consumption and continued urbanisation, which is translating into stronger occupier demand around manufacturing and logistics, housing and mixed‑use developments."
Paul Tostevin, Head of Savills World Research team, adds: "Asian cities are reaping the rewards of economic shifts. The diversification of Western supply chains, driven by China+1 strategies, is drawing Asian manufacturing up the value chain and skilled employment is swelling the ranks of the middle class, creating new retail and leisure markets."
Chart - Top 20 Asia Pacific Growth Hubs
Notes:
Method: The Growth Hubs Index builds on the Savills Resilient Cities Index by forecasting the economic aspects of 245 cities through to 2035 to identify the fastest-growing cities. These factors are:
- Economy: future strength – city GDP in 2035 and future credit rating
- Economy: growth – percentage increase in city GDP growth, 2025–2035
- Personal wealth: growth – percentage increase in city GDP per capita and percentage increase in number of households earning more than $70,000, 2025–2035
- Population and migration growth – percentage increase in city population and migration, 2025–2035
- Population: future dependency ratio – ratio of dependants to working-age population in 2035
Data is city-metro level from Oxford Economics. Future credit rating is at a country level. Only cities with a GDP in 2025 of $50 billion or above are included in the analysis.