India to emerge world’s largest economy in 2050: Study

HYDERABAD: India is
likely to emerge the world’s
largest economy by 2050,
overtaking China, a study
says. The Wealth Report
2012 by Knight Frank and
Citi Private Banks released
here o Wednesdaysaid 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 study said, adding
“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 including
Nagpur and Surat in India,
besides Linyi, Kelamayi and
Guiyang in China and Concepcion
and Belem in Latin
America. It said cities of the
future will include Cairo,
Lagos, Johannesburg and
Mumbai as well as established
global centers 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
(HNWI), Beijing
and Shanghai are the cities
with the most rapid growth
in importance to HNWIs, it
said.
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
infl uence Monaco remained
the most expensive residential
location in the world,
with one square metre there
now worth 58,300 dollar
(Q4 2011), followed by the
prime locations in Cap Ferrat,
London and Hong Kong.
The Wealth Report 2012
confi rmed the relentless
shift in wealth distribution
towards Asia-Pacifi c: the
region covering China, SE
Asia and Japan now has
more centa-millionaires
(those with over 100 million
dollars in assets) than North
America or Western Europe.