Is this the end of urbanisation?
When the pandemic ground city life to a halt, many residents fled to suburbs, towns and smaller cities in search of bigger homes and cleaner air. This has led to the rise of so-called second-tier cities such as Manchester, which offers all the perks of urban living, but at a lower cost. With remote or hybrid working now widely accepted, global metropolises such as London and New York are being forced to adapt and transform to remain competitive and attractive. Could this be an opportunity to change city life for the better?
This content has been produced by Pictet Wealth Management in collaboration with the Commercial Department of The Financial Times.