New Delhi: Hyderabad has emerged as one of the world’s fastest-developing cities, securing the fourth spot globally, according to the latest Savills Growth Hubs Index 2024.
Bengaluru leads the rankings, followed by Ho Chi Minh City in Vietnam and Delhi, highlighting Asia’s dominance in driving the global economy.
The research conducted by Savills World Research looks into the cities that are positioned for the strongest growth by 2033 on the basis of key indicators, which include economy, population, and personal wealth.
The index, which is a companion to the Savills Resilient Cities Index, studies 230 cities worldwide to forecast which will outpace competitors in the coming decade.
As per the report, 14 of the world’s top 15 fastest-developing cities are situated in Asia.
Nearly 90 percent of global urban growth is occurring in Asia and Africa, with the United Nations projecting that 68 percent of the world’s population will live in cities by 2050, an increase of 2.5 billion people, stated the report.
India’s rising tech powerhouse, Hyderabad
Hyderabad, which ranks fourth globally, stands out as a major technology hub that is set to witness one of the highest rates of GDP growth per capita among 230 global cities analysed.
The pearl city’s progress is driven by the services sector, digital infrastructure, and strong government support for urban expansion, which is continually striving.
The study’s findings project Hyderabad’s success in attracting investment in technology, life sciences, and real estate, positioning it as one of Asia’s most dynamic urban economies.
The report notes that India’s major IT hubs, particularly Hyderabad and Bengaluru, will continue to drive the country’s GDP growth through an expanding services sector supported by a young and educated workforce.
Meanwhile, the “Silicon Valley of India,” Bengaluru, tops the global Growth Hubs Index.
Its ecosystem of global tech companies, startups, and educational institutions has created a foundation for sustainable, innovation-led expansion.
The report states that Bengaluru’s model of growth, combining cost efficiency with high talent quality, exemplifies how Indian cities are shaping the global knowledge economy. “Cities like Bengaluru, Hyderabad, Mumbai, Chennai, Delhi and Pune, with their rich pools of talent, are creating ecosystems where innovation thrives,” the study quoted Ramesh Nair, CEO of Mindspace Business Parks REIT.
India’s urban growth is being driven by large-scale migration from Tier-2 and Tier-3 cities, with only 35 percent of the population currently living in urban areas. This migration surge is expected to push New Delhi to become the world’s most populous city by 2030, according to report.
The report attributes India’s strong positioning in the Growth Hubs Index to its booming services sector and resurgence in engineering and manufacturing, aided by favourable government policies and tax reforms. These twin economic engines are expected to bolster growth across the country’s leading cities.
Mumbai, ranked fifth globally, continues to anchor India’s financial and real estate ventures, while Delhi, in third place, benefits from rapid migration and expansion in technology and finance. Together with Bengaluru and Hyderabad, these cities are shaping the future of India’s urban economy.
According to Savills Research, the world’s fastest-growing major cities are as follows:
- Bengaluru, India
- Ho Chi Minh City, Vietnam
- Delhi, India
- Hyderabad, India
- Mumbai, India
- Shenzhen, China
- Guangzhou, China
- Suzhou, China
- Riyadh, Saudi Arabia
- Manila, Philippines
