The Knight Frank Wealth Report 2012 has marked seven cities as the world's fast-growing cities to watch in 2050, based on their potential for creating new market opportunities for local as well as global companies.

These cities from China, India and Latin America are among 400 emerging market cities with populations between 200,000 and 10 million.

“They are global growth engines, reducing poverty, expanding the global middle class by millions of households, and creating new market opportunities for local and multinational companies,” Jaana Remes, a senior fellow at The Mckinsey Global Institute, San Fransisco, said in the report.

The Wealth Report 2012 is published by Knight Frank, a London-based independent global residential and commercial property consultancy, in partnership with Citi Private Bank, Citigroup's wealth management services arm for ultra high net worth individuals, law firms, and institutional investors.

The report states that it is no longer just about the rise of megacities such as Shanghai or Mexico City but a “dynamic” group of cities that are not household names any more.

“The unprecedented pace and scale of urbanization in developing countries is among the few bright spots on a global economic horizon clouded by ageing populations, increasingly volatile resource prices and debt crises,” Remes added.

Click on Start to find out the fast-growing emerging cities, according to Wealth Report 2012, to watch in 2050.