According to a Goldman Sachs study, the current increase in the number of middle class consumers worldwide will become an explosion over the next two decades.
“The world is in the middle of an unprecedented explosion in the middle class, but the pace is set to pick up significantly further. By 2030, an astonishing two billion new people could join the global middle class, having a significant influence on spending patterns, resource use, and environmental and political pressures. This, in fact, dwarfs even the 19th-century middle class explosion in its global scale.
These are the findings of a research report by Jim O’Neill, global chief economist at Goldman Sachs. According to him, global income distribution is getting narrower, not wider. So while there is a lot of focus on widening inequality and the embattled middle class in developed countries, globally the opposite is true.
Defining the middle class as those with incomes between $6,000 and $30,000 in PPP terms, the report says the story of the Expanding Middle can be seen in two related ways. The first is the ‘shift in spending power towards middle-income economies’ (and away from the richest countries), to a point where they may dominate global spending for the first time in decades, as the largest population countries enter the middle-income group…”
(Extract from 2 billion new people may join global middle class by 2030, July 9 2008 ECONOMICTIMES.COM)
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Betty Carlson
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