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The building of skyscrapers tends to precede an economic crash, Barclays Capital has claimed.
Research by the investment bank suggests that when a country starts building skyscrapers, it is in financial trouble.
In New York, the construction of the Chrysler and Empire State buildings preceded the stock market crash of 1929 and the Great Depression.
More recently, Dubai went on a skyscraper spree, including building the world's tallest tower the Burj Khalifa. However, in 2010, it had to be saved from bankruptcy by its neighbour Abu Dhabi.
This has sparked fears that two countries, China and India, currently engaged in mass skyscraper production are heading for a crash.
Of the 124 such projects in build worldwide, 53 per cent of them are in China.
Andrew Lawrence of Barclays Capital in Hong Kong said: "Building booms are a sign of excess credit."
The tallest building in Western Europe, the Shard, is currently being built in London.
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