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October 27th, 2023 
Awake Goy 113 Million People Will Join The Global Middle-Class In 2024
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, Visual Capitalist’s Marcus Lu and Bhabna Banerjee created a treemap diagram that shows where the new entrants to this consumer class in 2024 will originate from.
Where are Millions of New Consumers Coming From?
World Data Lab expects 113 million people to join the global middle class in 2024, with the vast majority coming from Asia.
The following table includes the data we used to create this graphic, at a regional level (figures rounded).
Based on these figures, we can conclude that Asia will contribute 81% of new consumers in 2024.
Highlights from Asia
The following table breaks down Asia’s 91 million new consumers for 2024, by country. Note that only countries which contribute at least 1 million consumers were broken out, with the rest grouped into “Other”.
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.
Highlights from Africa
Egypt and Nigeria are the only countries from the Africa region that will contribute more than 1 million consumers in 2024. Once again, both countries are characterized by their high growth potential and above-average birth rates.
In fact, by 2075, Goldman Sachs believes that Egypt and Nigeria could become the fifth and seventh largest economies in the world, surpassing traditional economic leaders like Japan, Germany, and the UK.
Tyler Durden
Fri, 10/27/2023 – 02:45 Source
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