India to emerge as largest economy by 2050: Report
29 Mar 2012
India will emerge as largest economy of the world by 2050, with Mumbai & New Delhi amongst the top 20 fastest growing cities globally according to a report by Knight Frank & Citi Private Bank.
According to the report, titled Wealth Report 2012, quality of life, knowledge and influence, and economic activity are the key factors for the ultra-wealthy investing in property.
The sixth wealth report says China would overtake the US to become the world's largest economy by 2020, which in turn would be overtaken by India in 2050.
Going by GDP growth alone, nine of the top 10 cities in the world are in China and the top 20 are all in China or India the report notes.
''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,'' the report says.
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