If I had to bet money, I'd guess there will be fewer golf courses worldwide in thirty years than there are today, due to a combination of economics and politics [water issues]. I hope I'm wrong on that, but it just seems to be getting harder, everywhere.
However, that's a net loss I'm talking about ... I believe there will always be room for "special" projects of the kind you're talking about. Where will they be?
Australia and New Zealand loom large because there is a lot of available land [so permitting is not so difficult for a beautiful site], plus a reasonable number of golfers with money. South Africa and Argentina are two other places where there is a golf culture already in place, so a great course would be patronized. Chile is a long shot, but the land is certainly there if someone wants to take a short-term loss in hopes of a long-term gain.
E.U. countries have too many regulations, so the best bets in Europe are places like the U.K. and Sweden, which aren't bound to the regs. In the U.S., I think the Great Lakes region has great potential, because "growth" and water are not such big issues.
Asia is the place where the most development will happen, but the hot and humid weather is a limiting factor for many places. I'll say The Philippines just because I've looked at a great site there and hope it will someday be a project for us.
However, I think the best answer to your question is the Caribbean in general, and Cuba in particular. There is plenty of American money to develop those islands.