A new study predicts that in 2030 more than one billion Asians will join the world middle class, i.e. those households in which per capita spending ranges between $11 and $110 a day. Currently, the middle class is made up of nearly 3.75 billion people, according to data from the World Data Lab.
India and China, the world's most populous countries, will add some three-quarters of a billion members to the middle class by 2030. The other largest contributors are also in Asia.
They will come from countries like Indonesia - which is projected to have the world's fourth-largest middle class by 2030, surpassing Russia and Japan - and densely populated Bangladesh, which is set to climb the rankings faster than any other nation. Bangladesh is expected to go from ranking 28th to ranking 11th, adding more than 50 million people to the middle class.
According to the study, Asian countries already account for more than half of the world's middle class, but they only account for 41% of that group's consumer spending. That proportion is expected to surpass 50% in 2032.
In addition, China, India, and the United States are expected to be the three countries with the largest middle-class populations, according to World Data Lab.
Slow or negative population growth in some advanced economies will cause the middle class to shrink in countries like Japan, Germany, Italy, and Poland.