Global market research company Euromonitor International released a new report, “Megacities: Developing Country Domination,” announcing Jakarta will overtake Tokyo as the most populated megacity in the world by 2030.

This will mark a new era in urban history, as Jakarta will be the first emerging city to hold the title of world’s largest megacity with 35.6 million inhabitants in 2030. Tokyo will lose the spot it had since the 1950s with a decrease of 2 million people, as an outcome of the ageing phenomenon observed in developed regions.

“Several other East-Asian cities are also affected by the ageing trend. Seoul will add 2.5 million inhabitants aged over 65 years between 2017-2030, followed by Shanghai with 2.2 million and Beijing – 1.8 million” says Fransua Vytautas Razvadauskas, senior city analyst at Euromonitor International.

While seven of the 10 largest megacities are set to be in Asia Pacific in 2030, the African region, experiencing growing urbanization, will account for the largest rise in megacities over 2017-2030, with Luanda and Dar es Salaam joining the scene. Four other megacities to emerge are Bogota, Chennai, Baghdad and Chicago, namely being the only one based in a developed market.

Euromonitor International’s data show that 15% of the world’s Gross Domestic Product (GDP) is expected to come from megacities, as 60% of the world population will become urban by 2030. Total disposable income of a developed megacity will be around five times larger than an emerging megacity in 2030,” Razvadauskas concludes.