Much of this growth is happening in developing Asia and Africa; however, increasing migration is also likely to drive population growth in cities across Europe and developed Asia.
Source: World Bank, 2024
QUALITY OF LIFE
In the U.S., 53 cities do not have enough money to pay their bills, according to a study by Truth in Accounting. Additionally, China’s municipal debt crisis is well known, as are UK cities’ financial difficulties. In the developing world’s fast-growing cities, there is also often a shortage of funding due to low tax revenues.
Source: 2024 Financial State of the Cities, Truth in Accounting, 2023
Solving these issues will improve quality of life, boost investor confidence and foster economic growth. Cities must urgently reimagine themselves. It's a time for balancing debt, demographics and dreams.