Cities today are capturing an increasing share of the world's activity.
Big name 'tier 1' cities are continuing to diverge from smaller cities. Population growth, both from interstate and overseas migration are increasingly attracted to tier 1 cities. Immigration, which once accounted for a small fraction of a country's population, is set to become a global tidal wave unleashed by lower barriers to migrate and availability of information.
Today over 50% of the world's population lives in urbanised areas, a trend which shows no signs of abating. However, whereas in the past people moved from regional locations to cities, the future will see greater movement from smaller cities to larger cities that have greater name recognition and growth prospects. This is being played out globally from the United States to China.
Success begets success. Employment growth and investment opportunities are growing in tier 1 cities at the expense of their regional counterparts. Tier 1 cities benefit from their global recognition and attract talented individuals worldwide lured by high paying knowledge jobs and a cosmopolitan lifestyle. Tourism and education is increasingly focused on tier 1 cities. Entertainment and dining options are also more available and accessible.
It is no wonder property price growth in tier 1 cities is outstripping the rest, particularly in suburbs located close to hubs and activity centres. Within cities themselves, there are large scale differences too. We are witnessing a rise in neighbourhoods within cities, where different suburbs have their own distinctive flavour.
On the whole, country statistics are becoming obsolete. Metrics to measure the wellbeing of a country are no longer applicable as there is significant divergence between cities and even within cities.
The movement towards cities is in turn leading to the demise of country towns. This is particularly evident in the low to middle class living in the the city fringes and rural areas. These people are getting by on a low salary and seeing their blue collar jobs disappear due to technological disruption. Concurrently, males in these regions feel as if their influence in society is being diminished with the uprising of females and minorities, an increasingly difficult dating market, and eroding of social prejudices.
However, the continued growth of cities is by no means certain. Government intervention such as through protectionism and tightening of immigration, security issues and war, technological advancements such as through telecommuting, and the spread of disease amongst other things could restrict or even reverse the growth of cities.
It is no wonder property price growth in tier 1 cities is outstripping the rest, particularly in suburbs located close to hubs and activity centres. Within cities themselves, there are large scale differences too. We are witnessing a rise in neighbourhoods within cities, where different suburbs have their own distinctive flavour.
On the whole, country statistics are becoming obsolete. Metrics to measure the wellbeing of a country are no longer applicable as there is significant divergence between cities and even within cities.
The movement towards cities is in turn leading to the demise of country towns. This is particularly evident in the low to middle class living in the the city fringes and rural areas. These people are getting by on a low salary and seeing their blue collar jobs disappear due to technological disruption. Concurrently, males in these regions feel as if their influence in society is being diminished with the uprising of females and minorities, an increasingly difficult dating market, and eroding of social prejudices.
However, the continued growth of cities is by no means certain. Government intervention such as through protectionism and tightening of immigration, security issues and war, technological advancements such as through telecommuting, and the spread of disease amongst other things could restrict or even reverse the growth of cities.
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