Emerging Urban Hubs Reshaping Global Investment, Manufacturing, and Talent Flows, New Report From Oliver Wyman Finds
Oliver Wyman Forum, the think tank of Oliver Wyman, a global leader in management consulting and a business of Marsh (NYSE:MRSH), today released Cities Shaping the Future 2026, a global study ranking 1,500 cities on which are best positioned to drive future growth.
The report analyzes more than 50 indicators of long-term urban competitiveness, including multinational business density, transportation connectivity, venture capital activity, industrial growth, and climate resilience. Together, the cities in the study represent more than 75% of global GDP, approximately $88 trillion in economic output, and 1.9 billion people worldwide.
A new set of global cities is rising to challenge legacy hubs
The report finds that global corporations are rethinking their geographic strategies to consider geopolitical factors, technological disruption, and climate risk. While established business epicenters like New York City, London and Tokyo remain dominant commercial hubs, new locations are drawing international flows of manufacturing investment, startup capital, and tech talent.
"A new portfolio of fast-growing cities is emerging worldwide, offering first-mover advantages to business leaders willing to look beyond the dominant global hubs," said Ben Simpfendorfer, partner at Oliver Wyman and lead of the Oliver Wyman Forum's initiatives in Asia. "The next generation of winning cities will combine affordability, policies that support innovation and the development of new technologies, industrial capability, connectivity, and climate resilience."
Thirty-two of the report's top 100-ranked commercial hubs are in markets whose global commercial influence has expanded markedly over the past 20 years, including Chennai, India, and Guangzhou, China. "Diversification into high-growth cities is a strategic imperative for the C-suite; the average multinational now operates in more than 120 cities, and that number will continue to rise," Simpfendorfer said.
City clusters and midsize urban centers are driving outsize growth
The report identifies a powerful wave of growth in geographic clusters of cities worldwide, which offer compounding advantages in scale, specialization, and connectivity. City clusters like Hong Kong-Shenzhen-Guangzhou and Dallas-Austin-Houston are creating regional strongholds of innovation.
"For companies, city clusters offer faster deal flow and strong supplier networks for booming sectors, particularly where cities develop incentives and infrastructure to support emerging industries," said Ben Simpfendorfer. "They also attract flows of global talent, particularly as AI begins to disrupt jobs and skilled workers seek locations that offer multiple opportunities in the same area."
Midsize cities are also outstripping their larger rivals in growth, benefiting from lower housing costs, favorable tax environments, and expanding industrial ecosystems that are attractive to companies seeking to tap into specialized supplier networks. The report highlights America's expanding aerospace and defense corridors, including rapid growth in Greensboro, North Carolina; Charlotte, North Carolina; and Huntsville, Alabama.
Cities are focused on resilience as nearshoring, reshoring and climate spending accelerate
Nearshoring opportunities, lower costs, and supply chain resilience are reshaping corporate global footprints as companies expand into alternative manufacturing hubs including Ho Chi Minh City, Vietnam; Guadalajara, Mexico; Tangier, Morocco; and Johor Bahru, Malaysia.
Cities are also strengthening their long-term resilience through climate adaptation measures, such as flood mitigation, renewable infrastructure, cooling systems, and water management. Examples include Miami, Florida, which has issued climate bonds to fund flood protection, and Paris, France, which is expanding urban cooling infrastructure and renewable energy deployment.
A company's geographic strategy can enhance its resilience across its facilities, workforce, and customer networks in a disrupted world. CEOs and investors need to anticipate that global opportunities may look different in 10 years, and rethink their city-based investment accordingly.
About Oliver Wyman Forum
Oliver Wyman is a business of Marsh (NYSE:MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. The Oliver Wyman Forum is a community of senior leaders in business, government, and society dedicated to addressing the biggest forces shaping our future. Through forward-looking research and dialogue, we turn diverse perspectives into clearer thinking and bolder action — reshaping industries, navigating global change and complexity, and reimagining leadership.
About Oliver Wyman
Oliver Wyman is a business of Marsh (NYSE:MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit oliverwyman.com, or follow us on LinkedIn and X.
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Media:
Danielle Arceneaux
+1 929 215 8732
Danielle.Arceneaux@oliverwyman.com
Pen Pendleton
+1 914 364 8024
ppendleton@clpstrategies.com