The 10 fastest-growing cities in the world are all in India

Think of one of the wealthiest cities in the world, such as New York, Los Angeles, Zurich, or London. However, Asian cities, particularly those in India, are outpacing all others in terms of annual gross domestic product growth.

Oxford Economics, a research organization, predicts that all 10 of the cities with the fastest GDP growth between now and 2035 will be in India.

Gujarat's Surat will experience the world's fastest economic growth.

The city is well-known for its diamond trading and processing, and the report projects an average annual GDP growth rate of 9.2% between now and 2035.

Agra, the city that is home to the Taj Mahal, will grow by 8.6% annually, placing it in second place.

Due to its thriving tech and start-up scene, Bengaluru, also known as India's Silicon Valley, will grow by 8.5% annually by 2035, moving it up to third place.

With 8.47% growth, Hyderabad, another Indian tech hub, is in fourth place. The nation's first IKEA store is located in the southern city.

Phnom Penh, the capital of Cambodia, will experience the fastest growth outside of India at 8.1%, while Dar es Salaam, Tanzania's economic hub, will lead African cities with 7.8%.

The 2018 study, which examined 780 cities, predicted that the major urban economies around the world will expand by 2.8% annually.

According to its authors, cities will be the main drivers of the projected 2.6% annual growth of the world economy.

Eastward from West

India's rapidly expanding cities are in charge, signaling a wider shift in economic power from the West to the East.

The authors of the report forecast that by 2035, the GDP of all Asian cities will be 17% higher than the combined GDP of North American and European cities. This will happen as early as 2027.

China is leading the way; in terms of GDP, the top 10 cities in 2035 will include four Chinese cities: Shanghai, Beijing, Guangzhou, and Shenzhen. Currently, only Shanghai can be found on that list.

According to the report, Shanghai has a more liberal and free-market economy than other Chinese cities do, as well as stronger international business ties, underscoring China's desire to develop the city into a significant pan-Asian financial hub.

Beijing will gain the most from China's Belt and Road Initiative, but Guangzhou stands out as the region's top winner in the Pearl River Delta, a sizable urban area next to the South China Sea with simple access to many of China's major trading partners.

According to the IMF's most recent economic forecast, India's economy is expected to grow faster than China's this year, at a rate of 7.4% compared to China's 6.2%.

India is likely to be the most compelling growth story of the decade thanks to its favorable demographics and sizable and expanding consumer market.

With the help of foreign investment and robust domestic demand, India now accounts for 15% of global growth.

The nation moved up five spots from 2017 to take the 58th spot out of 140 economies in the World Economic Forum's most recent Global Competitiveness Report.

It performs exceptionally well in terms of its capacity for innovation. However, there is still a problem with corruption, which makes it difficult for businesses to access financing and raises tax rates.

Indian cities are still relatively small in terms of economic output despite their rapid growth.

The $2.5 trillion GDP of New York or the $1.9 trillion GDP of Tokyo dwarf Surat's projected $2.7 billion GDP for 2035.

This indicates that between now and 2035, not much is likely to change in the top cities with the highest GDP.