Where do millions of new consumers come from?
More than 100 million people enter the global middle class every year – A Global Data Lab By definition, this includes people who They spend at least $12 a day (Measured by purchasing power parity in 2017). The global middle class currently numbers more than 4 billion people, according to projections from the data analysis company In 2031, this number could reach 5 billion people.
Latest data Based on
The biggest jumps typically occur in developing regions such as Asia and Africa.
In 2024, according to Global Data Lab 113 million people could join the global middle classThe vast majority of it, about 81 percent, will come from Asia.
Focus on Asia
The bar chart below shows which Asian countries are expected to add new people to the expanding global middle class (only the largest players are shown). As expected
China and India will be the biggest drivers of the expansion of the global middle class.
Both countries have large populations, high income levels, and high urbanization rates – however, the long-term outlook for China is worrying as live births in China are declining at a very steep rate. Data according to
Last year, the total fertility rate (TFL) became one of the lowest in the world,
In practice, it is barely higher than the level of South Korea and Singapore.
In contrast to China’s unfavorable demographic outlook, Indonesia and Bangladesh, which rank lower on the list of new contributors to the middle class, have very wide margins, meaning that They have a relatively young average age and a growing workforce. The two Asian countries are expected to add 5 million new consumers every next year.
What about in Africa?
Egypt And Nigeria The only countries in the African region that will contribute more than 1 million consumers to the expansion of the global middle class in 2024 – and in this case too, both countries feature high GDP growth potential and above-average birth rates.
In addition, the long-term outlook is more favorable for these two: Goldman Sachs according to
By 2075, Egypt and Nigeria could become the fifth and seventh largest economies in the world,
Before great powers such as Brazil, Germany and the United Kingdom.
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