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113 Million People Will Join the Global Middle Class in 2024

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113 Million People Will Join the Global Middle Class in 2024

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, we’ve 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).

RegionNew Consumers (millions)
🌏 Asia91
🌍 Africa10
🌎 Latin America6
🗺️ Rest of World5

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”.

CountryNew Consumers
(millions)
🇨🇳 China31
🇮🇳 India33
🇮🇩 Indonesia5
🇧🇩 Bangladesh5
🇻🇳 Vietnam4
🇵🇰 Pakistan3
🇵🇭 Philippines2
🇹🇷 Türkiye1
🇹🇭 Thailand1
🗺️ Other6

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.

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Mapped: The Population of China and India in Perspective

We compare the populations of India and China to other top countries and regions for a unique perspective on the world’s demographics.

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The Population of China and India in Perspective

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

China and India, the world’s two most populous countries, each boast populations exceeding 1.4 billion people.

To put this into perspective, we visualized populations of China and India beside other leading countries and regions. All figures are for 2023, and were accessed via Worldometer.

Data and Key Takeaways

All of the data we used to create this graphic is listed in the table below.

Country / RegionPopulation (2023)
🌍 Africa1,460,481,772
🇮🇳 India1,428,627,663
🇨🇳 China1,425,671,352
🌎 Latin America & the Caribbean664,997,121
🇪🇺🇬🇧 EU plus UK516,659,018
🇺🇸 U.S.339,996,563
🇮🇩 Indonesia277,534,122

From these figures, we can see that the entire population of Africa (currently the fastest growing region in the world) barely surpasses that of China and India.

The populations of China and India are each more than double the size of Latin America and the Caribbean, and nearly triple that of the European Union (including the UK).

Fast Facts on Global Population

Here are some important figures to know regarding the world’s population:

  • China accounts for 17.7% of the world’s population, while India represents a slightly larger 17.8% share.
  • Africa is the fastest growing region in the world, with annual growth of about 2.4%.
  • Europe is the only region in the world that is shrinking, at about -0.17% annually.

Learn More About Demographics from Visual Capitalist

If you enjoy graphics like these, be sure to check out Population Projections: The World’s 6 Largest Countries in 2075.

It reveals a startling contrast between the trajectories of China and India, with the latter peaking at 1.7 billion in the mid-2060s.

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