China’s middle class has reached 109 million, outranking the United States for the No.1 spot for the first time ever, according to the Credit Suisse Report.
According to the report released On October 13, the middle class in China has been growing faster than its U.S. counterpart.
Since 2000, China has added 43.4 million adults to its middle class while the U.S. has lagged behind with just 22 million.
“The middle class will continue to expand in emerging economies overall, with a lion’s share of that growth to occur in Asia,” said Credit Suisse CEO Tidjane Thiam. “As a result, we will see changing consumption patterns as well as societal changes as, historically, the middle class have acted as an agent of stability and prosperity.”
Middle class wealth grew faster this year in Asia than it did in North America and Europe.
The report defines the middle class “in terms of a wealth band rather than an income range” and benchmarks it against the U.S. because it traditionally has had the world’s largest middle class. The lower level of the band is defined as having wealth “double the medium income,” or $50,000 at mid-2015 prices. The upper level is defined as ten times that amount..