For the first time ever, over half of Asia’s 4.8 billion people are part of the global consumer class. The importance of this milestone can hardly be overstated, because it marks the transition from poverty to a more typical middle-class lifestyle.
WASHINGTON, DC – With market turmoil recently capturing headlines, it is easy to lose sight of the long-term forces which have been shaping Asia’s development. While Asian markets, especially the Nikkei, experienced sharp losses in recent weeks, a positive tipping point has been reached as well: for the first time ever, over half of Asia’s 4.8 billion people are part of the global consumer class, defined by the World Data Lab as those spending more than $12 per day in purchasing power parity prices.
WASHINGTON, DC – With market turmoil recently capturing headlines, it is easy to lose sight of the long-term forces which have been shaping Asia’s development. While Asian markets, especially the Nikkei, experienced sharp losses in recent weeks, a positive tipping point has been reached as well: for the first time ever, over half of Asia’s 4.8 billion people are part of the global consumer class, defined by the World Data Lab as those spending more than $12 per day in purchasing power parity prices.