In today’s post we discuss McKinsey’s recent prediction that seven relatively unknown cities will feature on the list of the top ten richest cities by 2025 and explain how your small insurance agency can make a big impact this year.
Do the words Doha, Bergen, Trondheim, Hwaseong, Asan, Rhine-Ruhr and Macau sound familiar to you? Most people have never heard of these cities before but they will be well known ten years from now. According to the McKinsey Global Institute, they are all set to be among the top ten richest cities by 2025, along with Oslo in Norway, Yeosu in South Korea and San Jose in the US. The ranking is based on GDP per capita and provides world leaders with a deeper insight into the evolution of the global economy so they can plan for the future.
It is not extremely surprising to see Qatar’s commercial capital Doha, Germany’s booming metropolitan region Rhine-Ruhr and Macau, one of China’s Special Administrative Regions on the list, as they all belong to the world’s richest countries. However, the fact that Norway and South Korea both have three cities on the list might raise some eyebrows. Let’s examine what it is about these cities that make them so special.
South Korea’s dominance on the list undeniably demonstrates the ability of developing countries to attract large multinational corporations. Hwaseong is a booming city south of Seoul and is home to major companies Hyundai, Samsung, Kia and LG Electronics. Many of these businesses have also taken an interest in Asan due to its close proximity to the port of Pyeongtaek, a global shipping hub. Hyundai Motor, Samsung LCD, and Samsung Electronic are among the list of big companies located in the city.
Norway has greatly improved Scandinavia’s profile with three cities featured in the top ten. Apart from its booming capital, Bergen and Trondheim have also become successful mainly from investing in their own home-grown talent. Bergen is the second most populous city in Norway and serves as the hub for Norway’s energy industry, shipping, and marine research. Trondheim is the birthplace of mobile tech thanks to the invention of the GSM standard in the 1980s. It now boasts over 550 startups with more than 10,000 employees and continues to grow.
These success stories highlight the fact that even if you’re a small company you can make a huge impact in the big, bad business world but it won’t be easy. The truth is that the smaller your brokerage firm is the harder it is to compete. However, you can succeed in the Big Pond by focusing on your unique selling point. By differentiating your company from your competition, you can attract more customers and build long-term customer relationships. If you are considering ways of increasing the value of your insurance agency, please contact us and we will give you an honest assessment of your insurance agency and your best options.
