Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on October 2, 2018
The global rise of the middle classes
More than half the world’s population is now middle class, researchers have calculated.
The tipping point was reached this month when the number of people who qualify as middle class nudged to just short of 3.6 billion, presenting vast new markets for businesses but creating rising expectations of public services.
The proportion is higher than the 3.1 billion considered to be economically vulnerable, and the 630 million who live in poverty. A further 200 million people were classed as rich.
The analysis was done by World Data Lab, a social enterprise based in Austria that provides economic and demographic forecasts. It classified people as middle class if they had discretionary income to spend on large consumer items such as refrigerators, washing machines or motorcycles, if they paid to go to the cinema or for other forms of entertainment, and if they went on family holidays.
Researchers assumed that this group had accrued enough resources to be reasonably confident that they could withstand an economic shock, such as illness or a period of unemployment, without slipping into financial insecurity.
Researchers used information about income and spending surveys from 188 countries to classify all households as rich, middle class, financially vulnerable or poor. They argued that too little attention has been given to the global phenomenon of the rise of the middle classes.
While rising living standards mean that one person escapes extreme poverty every second, the analysts calculated that five people per second were entering the middle classes.
By 2030, the researchers forecast that the number classed as rich will have grown to 300 million, but the middle classes will have expanded by 1.7 billion to 5.3 billion people. The number who are financially insecure or vulnerable will have shrunk to 2.3 billion and those living in extreme poverty to 450 million, they predict.
They categorised the poor as those living on or below $1.90 (£1.50) per person per day; the financially vulnerable are those living on $1.90 to $11 a day, using figures on purchasing power from 2011. Middle-class spending could go up to $110 per day, above which level people were classified as rich.
Rising incomes in Asia account for the march of the middle classes, with nine in ten of the new middle-class consumers predicted to be in China, India and south and east Asia.
Kristofer Hamel, chief operating officer of World Data Lab, said: “We are living through a landmark moment in human history: the first time since agricultural civilisation began when the majority of the world’s population does not live in considerable poverty.
“While spending $11 a day or more may not seem like much to those who live in developed economies, crossing this threshold often constitutes the beginning of basic middle-class behavior and lifestyle — having a basic standard of sanitation and healthcare, decent housing, and the possibility of improved educational outcomes.”
14 Comments on "The global rise of the middle classes"
onlooker on Tue, 2nd Oct 2018 7:22 pm
The global middle class is humanity drawing down finite resources,creating upheaval in the ecosystems of the Earth and basically setting up unlivable conditions in the future. So hip hip hooray for the global middle class
I AM THE MOB on Tue, 2nd Oct 2018 7:45 pm
New York State Tax Department reviewing fraud allegations involving Trump in NYT article
https://www.cnbc.com/2018/10/02/new-york-state-tax-department-reviewing-fraud-allegations-involving-trump-in-nyt-article.html
Soon..
https://imgur.com/a/rRfmSYR
LMFAO!
makati1 on Tue, 2nd Oct 2018 7:47 pm
Numbers. Meaningless if not put into perspective. You can prove anything with numbers. Especially to dumbed down readers who no longer think for themselves. America is full of them.
As for projections of the world in 2030, just guesses. They used data that is already seven years old. (2011) How accurate is that for 2018? And does it account for purchasing power parity? No mention. A huge difference.
As for where the ‘growth’ will be highest? Asia of course! Contraction is rampant in the West, especially America. 2030? My bet, a totally different world that is NOT dominated by the West or any one country but maybe that One World Government they are trying for? We shall see. .
makati1 on Tue, 2nd Oct 2018 11:30 pm
“Two-Thirds Of Economists See Recession by End-2020”
https://www.zerohedge.com/news/2018-10-01/23-economists-see-recession-end-2020
I see a US Depression, possibly next year.
Jaz on Wed, 3rd Oct 2018 1:13 am
30 years ago a friend visited China.
The few airports in the country were very quiet and the roads were full of bicycles.
There were also very few skyscrapers.
The Chinese middle class is now consuming as much as Europe. Consuming vast amounts of oil, fish , timber and fresh water.
https://thenanfang.com/china-to-boost-airport-infrastructure-by-billions/
https://www.flightradar24.com/24.01,105.05/5
Go Speed Racer on Wed, 3rd Oct 2018 2:31 am
So anybody who can afford a refrigerator
and a carton of cigarettes, is now part of
the middle class ??
Since the Repub’s are busy stomping out
the middle class, that’s why they had to
redefine it. So they can say it’s still
there.
“Sure there’s still a middle class, why
looky over there, that man just bought
himself a cellphone, so he is middle class!”
makati1 on Wed, 3rd Oct 2018 3:33 am
Population of Europe ~ 742,000,000 2018 est.
Population of China ~ 1,416,000,000 2018 est.
So China is consuming half of what Europe is consuming per capita? Who is consuming the most? Perspective, people.
Oh, and don’t even mention the ultimate consuming country, the US, consuming 20% of the worlds resources for 5% of its population. Hypocrites!
Davy on Wed, 3rd Oct 2018 4:18 am
“So China is consuming half of what Europe is consuming per capita? Who is consuming the most? Perspective, people.”
Per capita BS out of the board denialist. Chinese consumption from their upper classes is on par with anything the west does in fact it is much worse because the Chinese have yet to really embrace the environment. The Chinese are at that stage where being rich is what maters.
Here is the wild consumption the Chinese are doing:
“China Consumes Mind-Boggling Amounts of Raw Materials [Chart]”
https://tinyurl.com/nb6a2aj
I don’t want to hear about the offshoring of this consumption and pollution. The Chinese could just say no to this but they have taken it to a new earth killing level. China is the end of the earth. Sure it is fair but is it right?
Davy on Wed, 3rd Oct 2018 4:55 am
“The Worst Totalitarian Since Mao”
https://tinyurl.com/ycxcwyt5
“Xi Jinping is ushering in an era of Chinese illiberalism, and with it a chilling clampdown on freedoms…”
“Intense repression has been rapidly growing throughout the country, cementing the power of the CCP in all corners of society.”
“Indoctrination:
Digital police state:
Arbitrary detention:
Pervasive controls over daily life:”
Beat goes on slip slidin nuff said
Antius on Wed, 3rd Oct 2018 6:09 am
““Indoctrination:
Digital police state:
Arbitrary detention:
Pervasive controls over daily life:”
Beat goes on slip slidin nuff said”
Davy, the same things are exactly true of Britain and increasingly, the USA. Freedom is declining all over the world. We are being softened up for a new age of feudalism.
The biggest difference between the British and Chinese governments, is that the Chinese one does pretend to be a bastion of freedom. They are more honest about what they are.
Davy on Wed, 3rd Oct 2018 6:13 am
“Davy, the same things are exactly true of Britain and increasingly, the USA. Freedom is declining all over the world. We are being softened up for a new age of feudalism.”
Where did I say it wasn’t? What I am saying is the worst is occurring in Asia and our board denialist is acting like it is only in the west.
Sissyfuss on Wed, 3rd Oct 2018 8:48 am
We’re consuming 1 and 1/2 Earths resources yearly and increasing. Some of this is due to an expanding global middle-class but adding an additional 80 million yearly to the existing 7.7 billion will eventually be the straw that breaks the camel’s back.
onlooker on Wed, 3rd Oct 2018 9:32 am
https://www.youtube.com/watch?v=WfGMYdalClU
Man destroying Earth
boney joe on Wed, 3rd Oct 2018 2:56 pm
onlooker and Sissyfuss-
The usual sources of wisdom……. well done.