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According to a recent study by the World Data Lab, by 2030, over 1 billion Asians will enter the global middle class, and the pandemic will only cause temporary impacts without altering the trend of increasing wealth in Asian countries.The middle class is defined as households with average spending ranging from $11 to $110 per day. It is estimated that approximately 3.57 billion people meet this criterion this year alone. In densely populated countries like India and China, the World Data Lab predicts that the scale of this group is expected to continue growing, reaching three-quarters of a billion people from other countries by 2030.
Besides these two countries, many countries in Asia are also highly regarded. Indonesia, for instance, is forecasted to have the 4th largest middle class in the world by 2030, surpassing both Russia and Japan. Meanwhile, Bangladesh, with a size equivalent to the U.S. state of Iowa, is also expected to rapidly increase its rank, forecasted to rise from 28th to 11th position. This will lead to approximately 50 million Bangladeshis stepping into the middle class.The research indicates that Asian countries have accounted for over half of the people in the global middle class, while only representing about 41% of consumption, and this ratio is expected to exceed 50% by 2032. China, India, and the United States are forecasted to hold the top 3 positions as countries with the largest middle-class populations. Slow population growth in some advanced economies like Japan, Germany, Italy, and Poland will lead to a decline in the middle-class scale in these regions.According to Bloomberg.For more information, please see:
