Hyderabad Ranks 5th Among Top 10 Fastest Developing Cities in the World

Hyderabad has secured a place among the top 10 fastest-developing cities globally, as per the Growth Hubs Index by Savills, a global property advisor. The index ranks cities based on future economic strength, analyzing key indicators like GDP growth, personal wealth, population trends, and migration projections through 2033. As India’s urbanization accelerates, Hyderabad joins several Indian cities in this prestigious list.

Top 10 Fastest Developing Cities in the World:

Bengaluru, India
Ho Chi Minh City, Vietnam
Delhi, India
Shenzhen, China
Hyderabad, India
Hanoi, Vietnam
Guangzhou, China
Mumbai, India
Manila, Philippines
Riyadh, Saudi Arabia

Key Factors of Hyderabad’s Growth:

A. Economic Indicators

Hyderabad is expected to witness significant GDP growth, contributing to India’s overall projected economic rise of 68% by 2033.
The city is renowned for its booming tech sector, featuring major global players like Amazon, Google, and Microsoft.
High GDP growth per capita positions Hyderabad as one of the fastest-growing tech hubs worldwide, powered by a highly skilled, young workforce.

B. Population Growth and Urbanization

Hyderabad is experiencing rapid population growth due to increased migration, aligning with trends in other Indian cities like Delhi and Bengaluru.
Urbanization and infrastructure development are key, with Hyderabad strategically focusing on modernizing its infrastructure to accommodate its expanding population, further solidifying its role as a global growth hub.

Hyderabad’s robust economic foundation and rapid urbanization make it a standout in global development, driven by tech advancements and an influx of talent.

Growth Hubs in Asia Dominate Savills’ 2024 Index

Out of the world’s top 15 growth hubs, 14 are forecast to be located in Asia, according to the Growth Hub Index 2024 by British real estate service Savills. These cities have been identified as set to develop particularly quickly by 2033, based on indicators measuring rising wealth, expanding economies and the potential for new development and business expansion.

As the following chart shows, four Indian cities feature in the top 10, with Bengaluru in the top position. It is followed by Ho Chi Minh City in Vietnam and India’s Delhi. Several reasons are cited for the anticipated rise in Asia, including how many parts of the region have embraced tech-driven growth, while at the same time continuing to benefit from a strong traditional manufacturing sector. Many Asian cities are also forecast to see a growing middle class as personal wealth rises across the region, while at the same time they have strategies to improve connectivity and to invest in infrastructure.

Savills analysts note that innovation hubs can attract new businesses, which in turn increases demand for office space, manufacturing spaces and housing and that if rapid urbanization is managed well, then it can lead to better health outcomes of populations and improved employment prospects and education. If poorly managed, however, rapid urban growth can exacerbate poverty, crime and health issues.

The Growth Hub Index is based on economic, population and wealth indicators across 230 cities, each with a GDP of at least $50 billion in 2023, to identify the fastest-growing cities. The economic indicators included the city GDP in 2033 and future credit rating as well as the percentage increase in city GDP growth between 2023–2033. The personal wealth indicators measured the percentage increase in city GDP per capita and the percentage increase in the number of households earning more than $70,000 over the 10 years analyzed. Meanwhile, the population indicators focused on the percentage increase in city population and migration between 2023–2033 and the future ratio of dependents to the working-age population in 2033. Only cities with a GDP of $50 billion and up in 2023 were included in the index.at least $50 billion in 2023, based on economic, population, and wealth indicators, focusing on GDP growth, personal wealth, and migration between 2023 and 2033.