The Rise of the Global Middle Class

Describing the shift as historic, the United Nations reports that the global middle class in China, India and Brazil will have propelled their countries’ economies to account for nearly half of world output by 2050. Defined by the Organization of Economic Co-operation and Development as people who earn or spend between $10 and $100 per day, the global middle class is set to grow exponentially in developing areas of the world. Such a change is already being driven by industrialization and improved communications in emerging economies, allowing them to take advantage of existing knowhow. This helps in attracting investment and innovation in ways not available to poorer countries until the 1990s. The UN also notes that this new middle class is set to demand better environmental policies and more transparency from their governments, further helping lift people out of abject poverty. – YaleGlobal