World’s middle class is booming, growing export opportunities

July 14, 2017 – According to a report from the North Dakota Trade Office (NDTO) issued by the Brookings Institute, the global middle class is currently experiencing the most rapid expansion the world has ever seen – especially in Asia.

Taiwan scooters

As middle class populations grow, so does their desire for choices, high quality goods and better service. These areas are where small to medium-sized exporters (SMEs) shine and why middle classes around the world are a target market for many Heartland SMEs.

The report updated earlier this year by Homi Kharas has revealed that there were about 3.2 billion people in the middle class at the end of 2016, 500 million more than he estimated in his 2010 report. The rate of increase of the middle class is roughly 140 million new entrants each year and that rate could increase to 170 million in five years. Kharas hypothesizes that in 2-3 years time, for the first time ever, the majority of the world’s population will be considered middle class or wealthy.
Asia is home to the majority of the emerging middle class. About 90% of the next billion new entrants will be Asian: 380 million Indians, 350 million Chinese and 210 million other Asians. In comparison, North American and European middle class numbers have stalled.To read the complete report, go to:
http://ndto.com/2017/07/where-is-the-middle-class-growing/

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