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India projected to have biggest middle class in the world
Hundreds of millions of people around the world are escaping poverty and becoming middle class, according to BBC.
The explosion of new consumers in China, India and other economic powerhouses is changing the global balance of power. India is projected to have the single biggest middle class population in the world by 2030, it says.
Let’s take a look at the growth of the middle class in India and around the world.
Source: BBC
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India projected to have biggest middle class in the world
The criteria
Who's in the middle class? Anybody who earns between $10 to $100 per day
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India projected to have biggest middle class in the world
The global growth
Strength of the middle class in 2009: 1.8 billion
Strength of the middle class in 2020: 3.2 billion
Strength of the middle class in 2030: 4.9 billion
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India projected to have biggest middle class in the world
Regional strength
Strength of the middle class in Asia (2030): 3.2 billion
Strength of the middle class in Europe (2030): 680 million
Strength of the middle class in North America (2030): 320 million
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India projected to have biggest middle class in the world
India's growth
Strength of the middle class in India (2020): 200 million
Strength of the middle class in India (2030): 475 million
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India projected to have biggest middle class in the world
India's presence
Tourism sector in 2013: Indian airports are projected to see 150 million travellers
Tourism sector in 2020: Indian airports are projected to see 450 million travellers
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India projected to have biggest middle class in the world
Chinese presence
Automobile sector: It's the biggest car market in the world
Tourism sector: It's the biggest source of tourism in the world
Internet shopping: It's the biggest online consumer in the world
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India projected to have biggest middle class in the world
Chinese market
Automobile sector in 2013: 2,500 vehicles are sold every hour in China