By 2030, there will be close to 40 megacities around the globe, with a megacity being defined as a greater urban area home to more than 10 million inhabitants. Currently most megacities sit in developed markets, but in the coming years the growth in megacities is expected to take place in developing markets.
The business of megacities currently revolves around the service economy. Almost 90 percent of New York and London’s economy comes from the service industry, while only around 60 percent of the service industry makes up Lagos’ economy. Megacity growth in the future will largely take place in Africa with Dar es Salaam and Luanda joining Cairo and Lagos as megacities. New York became the first megacity in the 1950’s. Guangzhou the largest metropolitan area in the world as of now, according to the Joint Research Center of the EU.
