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(5) a natural person resident in an EEA State that permits the authorisation of natural persons as professional clients and qualified investors, who expressly asks to be treated as a professional client and a qualified investor and who meets at least two of the following criteria: (i) he/she has carried out transactions, in significant size, on securities markets at an average frequency of, at least, 10 per quarter over the previous four quarters before the application, (ii) the size of his/her financial instrument portfolio, defined as including cash deposits and financial instruments exceeds EUR 500,000, (iii) he/she works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.
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Cities have always been hubs for talent, capital and innovation. In the last decade, hundreds of large cities have been built in emerging economies, attracting significant infrastructure investments. Large cities such as San Francisco, London, Paris and New York have also been the ideal launch pads for entrepreneurs given their large, dense populations. Understanding the advantages and challenges of future cities can help us identify the next sources of growth.
Learn more about the megatrends shaping our future of economies, business and society.
Capital at risk. The value of investments and the income from
them can fall as well as rise and are not guaranteed. You may not get back the amount originally invested.
Supercities:
Economic melting pots
With more people in the world living in cities than ever before, cities’ share of global growth is rising. According to McKinsey as of October 2018, the top 50 cities account for 8% of global population, 21% of world GDP, 37% of urban high-income households and are home to 45% of firms with more than $1 billion (all amounts given in USD) in annual revenues.1
The constant need
to upgrade infrastructure
As cities grow large, they require significant infrastructure, including
communication networks (e.g. 5G, fibre), transit and transportation (e.g. metro, bridges), social infrastructure (e.g. hospitals, schools) and housing. This was a key driver of commodity demand and fixed investments in the last 10-15 years as China and other developing economies industrialised rapidly and millions of people migrated to cities. This story is likely to continue as other emerging markets follow China’s lead (as discussed in the previous section).
Large cities that offer good infrastructure, greater convenience and attractive job opportunities typically attract global talent. This leads to higher population densities and younger consumers with higher disposable incomes: the perfect ingredients for innovation and entrepreneurship.
Source: 1. McKinsey Global Institute: ‘Superstars’: The dynamics of firms, sectors, and cities leading the global economy, Oct 2018.
Population growth between 2014-2018
Source: Eurostat - Jul 2019, US Census Bureau Feb 2019, Japan National Statistics - Aug 2019.
What are the investment opportunities?
Young and developing cities, especially in emerging markets, require basic infrastructure and construction (i.e. hard commodities, diggers, concrete etc.). But as they grow in size, opportunities emerge in middle class consumption exposure (housing, appliances, cars). Inevitably, demand for leisure and media grow too, as do services such as waste management and logistics. We seek to understand how cities in major economies are evolving to identify which businesses are the most attractive to invest in.
The need for infrastructure
As cities become even bigger, large scale transport infrastructure, airports and bridges become essential. As electric vehicles become more prevalent, cities will need to invest in charging infrastructure and grids too. Smart cities that link up crucial infrastructure using high-speed connectivity may well become the norm in many economies.
Online platforms and dense populations
In the last few years, new business models that rely on online platforms and dense populations have sprung up in many countries. Examples include online takeaways, last minute delivery, the sharing economy, e-scooters and electric vehicles. Many of them originate in large cities before they gain scale and expand elsewhere. The UN projects that by 2030, the world will be home to 43 megacities with over 10 million inhabitants.2 If that is true, there will only be more breeding ground for innovation-fueled growth.
Source: 2 United Nations, 2018 Revision of World Urbanization Prospects, May 2018.
Investing in rapid urbanisation with BlackRock & iShares
Our range of thematic funds offer a way for investors to tap into megatrends, which we believe gives investors exposure to companies with structurally higher earnings growth, which in-turn could drive stronger investment returns over the longer term.
Connect megatrends to investment themes
Click on 1 or more megatrends to see the related themes and funds
Technological
breakthrough ?
breakthrough ?
Demographics
& social change ?
& social change ?
Rapid
urbanisation ?
urbanisation ?
Climate change &
resource scarcity ?
resource scarcity ?
Emerging
global wealth ?
global wealth ?
View themes and funds
BlackRock funds (active)
Click the view fund for more information
Fintech View fund
Future of
Transport
View fund
Next Generation
Technology
View fund
Nutrition View fund
Sustainable
Energy
View fund
Circular
Economy
View fund
iShares funds (index)
Ageing
Population
View fund
Agribusiness View fund
Automation
& Robotics
View fund
Digitalisation View fund
Digital
Security
View fund
Electric Vehicles & Driving Technology View fund
EM Consumer
Growth
View fund
Global Clean
Energy
View fund
Global Timber & Forestry View fund
Global Water View fund
Healthcare
Innovation
View fund
Inclusion &
Diversity
View fund
Technological breakthrough
New technologies lie at the heart of resolving or accelerating the five megatrends. Breakthrough innovation is necessary to address large-scale challenges (e.g. ageing economies, climate change), while new solutions are also targeting relatively minor problems (e.g. payments, streaming). This backdrop has created a fertile ground for disruptive innovation and Thematic investing.
Demographics and social change
Changes in global demographics will bring significant challenges and opportunities for societies and businesses. The forces that underpin this megatrend include ageing populations in advanced economies and China, the outlook for future jobs, immigration pressure, skills imbalance and the radically different priorities of younger generations.
Rapid urbanisation
Cities have always been hubs for talent, capital and innovation. In the last decade, hundreds of large cities have been built in emerging economies, attracting significant infrastructure investments. Large cities such as San Francisco, London, Paris and New York have also been the ideal launch pads for entrepreneurs given their large, dense populations. Understanding the advantages and challenges of future cities can help us identify the next sources of growth.
Climate change and resource scarcity
An expanding population and the rising demand for food, energy and materials continue to strain the finite resources of the planet. The need for solutions that improve energy efficiency, lower food waste and provide alternatives to scarce resources has never been greater. Underlying these trends is the persistent increase in global emissions which has led to intensifying debates around climate change and how we can resolve it.
Emerging global wealth
In the last twenty years, developing economies have been lifted by the rising tide of globalisation and manufacturing shifting to Asia. The emergence of a sizeable, aspirational middle class, particularly in China, has made it an important destination for global companies. We continue to expect emerging markets to offer significant growth potential for domestic and multinational firms.
Ways to invest in megatrends with BlackRock and iShares
Use our simple tool to see how our five megatrends connect to investment themes and funds.
Thematic investing with BlackRock & iShares
Learn more about thematic investing and why we believe in investing in the long-term trends transforming the way we live and work.
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