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Delhi and Mumbai may join elite club by 2025

LONDON: Mumbai and Delhi are likely to witness a significant jump in economic growth along with other emerging markets and make it to the league of the world’s wealthiest cities by 2025, according to a report.

“New York, London and Paris may trip off the tongue as the world’s top cities in terms of wealth, but over the next 15 years emerging cities such as Sao Paulo, Shanghai and Mumbai will give them a run for their money,” The Observer said, quoting a research report from consultancy firm PricewaterhouseCoopers (PwC).

The league table of the world’s great cities is going to change radically between now and 2025, thanks to the economic growth of many cities in the emerging world, which are likely to be much stronger than those in many developed economies. According to PwC, Delhi, Guangzhou, Rio de Janeiro, Istanbul and Cairo are likely to rise rapidly up the table. The current and projected top five in the global gross domestic product per capita rankings are likely to remain the same: Tokyo, New York, Los Angeles, London and Chicago.

Citing the report, The Observer says Shanghai is set to rise from its current 25th place to 9th . Mumbai is likely to storm to 11th from 29th. Beijing will leap from 38th to 17th and Sao Paulo will jump to 6th from the present 10th.

Quoting PwC head of macroeconomics John Hawksworth, the report says: “If you look at the projected percentage GDP growth from 2008 to 2025 of the top emerging and the top advanced economy cities, the comparison is stark.” “Lots of American and European cities, however, are set to slide sharply over the same period, with … Sydney, Singapore and Madrid likely to drop out of the top 30 altogether,” it says. — PTI

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