Five charts to start your day

There is a rapidly emerging global consumer class in emerging markets

The world is seeing a significant change in spending power and it's happening fast. By 2024, another 113 million people will have enough money to be considered part of the global consumer class. This growth isn't spread evenly; it's mainly in places where economies are emerging, such as India and China.

India and China account for more than half of the new global spending class. India alone will add 33 million to the consumer ranks, thanks to its growing economy and tech progress. China isn't far behind, with 31 million joining the spending crowd, helped by its strong industries and tech advancements.

But it's not just about these two countries. Other parts of Asia like Indonesia and Bangladesh are also adding millions to the consumer class, pointing to a wider trend in Asia.

Source: Visual Capitalist

Coming up:

• Bitcoin had a strong 2023

• China permitted two new coal power plants per week in 2022

• Where are the world’s millionaires migrating to?

• Amazon’s income statement broken down

If you would like to view the rest of these charts, consider becoming a paid subscriber.