Friday, September 11, 2015

China’s Middle Class Growing Explosively

While the Long Noses are converting good parts of the world - including most of their home countries - into disaster zones and failed states, half a billion Chinese are ascending into the middle class: In 2010 mainstream consumers—those with enough money to buy cars, fridges and phones but not Rolls-Royces—made up less than a tenth of urban Chinese households. McKinsey predicts that only by 2020 the income-middle class will grow by 1,000% to make up well over half of the Chinese population while the percentage of the very poor will be cut in half. Credits: McKinsey + The Economist