Every year, over 100 million people enter the global middle class.
Defined by the World Data Lab as someone who spends at least $12 per day (measured in 2017 purchasing power parity), these individuals are typically rising up in developing regions like Asia and Africa. In this graphic, we’ve created a treemap diagram that shows where the new entrants to this consumer class in 2024 will originate from.
Highlights from Asia
As expected, China and India are projected to be the two biggest sources of additions to the global middle class in 2024. Both countries have massive populations, rising income levels, and high rates of urbanization.
Further down the list, we can see Indonesia and Bangladesh adding 5 million consumers each. Both of these countries have an expansive population pyramid, meaning they have a relatively young average age and growing labor forces.
It’s interesting to note that many of the countries listed above, including Vietnam, Philippines, and Thailand, also happen to be some of the fastest growing e-commerce markets in the world.