Chinese middle class expected to reach one billion by 2030
China and India will become the powerhouses of middle class consumerism over the next two decades although other rapid-growth markets such as Mexico and Brazil will also contribute. Nevertheless, the Chinese and Indian contributions will be substantial. Today, China has around 150 million people who are considered to be part of the global middle class within the next decade this expected to have reached 500 million. By 2030 around one billion people in China could be middle class – as much as 70% of its projected population.
India’s global middle class, meanwhile, is much smaller at around 50 million people, or 5% of the population. EY estimates that this group will grow steadily over the next decade, reaching 200 million by 2020. After this, India’s middle class growth is really expected to accelerate, reaching 475 million people by 2030 and adding more than the Chinese to the global middle class worldwide after 2027.