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India largest eco by 2050: Knight Frank

Report says Mumbai,Delhi are among the 20 fastest growing cities globally.

New Delhi | Published: March 28, 2012 5:21:23 pm

With a USD 85.97 trillion economy,India will surpass China to become the world’s largest economy by 2050,says a report.

“China will overtake the US to become the world’s largest economy by 2020,which in turn will be overtaken by India in 2050,” according to Wealth Report 2012 by Knight Frank & Citi Private Bank.

As per the report,Indian economy will reach USD 85.97 trillion size in terms of purchasing power parity by 2050,while the Chinese GDP would be USD 80.02 trillion during the same period.

The US — currently the world’s largest economy – is expected to have a GDP of USD 39.07 trillion by 2050.

Other nations in the top ten list of world’s largest economies would be Indonesia (4th),Brazil (5th),Nigeria (6th),Russia (7th),Mexico (8th),Japan (9th) and Egypt (10th).

In terms of growth from 2010-2050,India would be the second fastest with its economy growing at the rate of eight per cent in the period.

With a pace of 8.5 per cent,Nigeria would be the fastest growing economy during the same period,the report said.

In 2010,India was world’s fourth largest economy with a value of USD 3.92 trillion compared to China’s USD 9.98 trillion and America’s USD 14.12 trillion.

The report named Surat and Nagpur among fast-growing cities to watch in 2050.

“We believe the cities to watch in 2050 are the 400 emerging market middleweights – fast growing cities with populations between 200,000 and 10 million.

“This dynamic group includes many cities that are not household names today: Linyi,Kelamayi and Guiyang in China; Surat and Nagpur in India; Concepcion and Belem in Latin America,” it said.

Read Full report: $86 trillion Indian economy to become world’s largest by 2050

India will be the largest economy of the world by 2050,according to the 2012 edition of the Wealth Report,launched today by Knight Frank and Citi Private Bank.

The report also said that Mumbai and New Delhi are among the top 20 fastest growing cities globally.

The Wealth Report highlights the increasing influence of global wealth flows on prime property and investment markets. The newly wealthy from the world’s fastest-growing emerging economies rate stability,business transparency and education systems as the most important factors in a global city; prices of luxury housing in locations with this magic formula have been underpinned by their interest.

In Europe,despite the past year’s continental recession,the main luxury market hotspots have remained relatively hot – eight out of 10 top locations in the Knight Frank Prime International Residential Index (PIRI) price rankings are in the UK,France or Switzerland.

Here are the highlights

* China will overtake the US to become the world’s largest economy by 2020,which in turn will be overtaken by India in 2050.

* Going only by GDP growth,nine of the top 10 cities in the world are in China. The top 20 are all in China or India.

* The cities to watch in 2050 are the 400 emerging market ‘middleweights’ – fast growing cities with populations between 200,000 and 10 million. This dynamic group includes many cities that are not household names today: Linyi,Kelamayi and Guiyang in China; Surat and Nagpur in India; Concepcion and Belem in Latin America.

* Cities of the future will include Cairo,Lagos,Johannesburg and Mumbai,as well as established global centres such as New York,London and Moscow.

* London,New York,Hong Kong and Paris are seen as the most important world cities for high-net-worth individuals (HNWIs).

* Beijing and Shanghai are the cities with the most rapid growth in importance to HNWIs

* HNWIs from the Middle East and Africa rate Dubai as the location with the most rapid growth in importance,with HNWIs from Latin America rating Miami and Sao Paolo as strong contenders for future influence

* Personal security (63%) now ranks above economic openness (60%) in HNWIs’ choice of cities to live 

* Monaco remains the most expensive residential location in the world,with one square metre there now worth $58,300 (Q4 2011),followed by the prime locations in Cap Ferrat,London and  Hong Kong

* The Wealth Report 2012 confirms the relentless shift in wealth distribution towards Asia-Pacific: the region covering China,SE Asia and Japan now has more centa-millionaires (those with over US$100m in assets) than North America or Western Europe

* Emerging economies have continued to build their huge influence on the real estate markets in established locations: wealth flows from developing economies underpinned prices across the leading prime markets in North America and Europe including Miami,Vancouver and London in 2011

* Knight Frank and Citi Private Bank expect further growth in interest in commercial property from HNWIs,forecasting US$74.1bn of private transactions globally in 2012 (a 5% year-on-year increase).

(Taken from The Wealth Report 2012 by Knight Frank & Citi Private Bank. The views expressed here do not represent those of The Indian Express)

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