In 2014, the number of middle class households – defined as those with between 75.0% and 125% of median income – stood at 112 million, which made China's middle class the world's largest.
Today, China is the largest middle class* market globally, with over 900 million people.
China, India and the U.S. are projected to retain the top three rankings as the countries with the largest middle-class populations, according to World Data Lab.
Approximately 58% of the Australian population is considered to be part of the middle class.
1. The United States accounts for 31% of the global ultra wealthy population. The total net worth of the ultra wealthy in the US exceeds the combined wealth of the five preceding highest-ranked countries.
Among these countries, the U.S. has not only the smallest share of adults living in middle-income households, but also the largest shares of adults in lower- and upper-income households. By comparison, the lower- and upper-income tiers in Denmark, the Netherlands and Norway are of modest size.
China and India, generating the new middle class. Since 2009, China has been responsible for the entry of around 700 million people into the ranks of the global middle class: 40% of all new entrants. Furthermore, the sum of China and India has contributed around 60% of the new middle class (some 1.0 billion people).
India. India's GDP grew by 8.7% in 2021, reaching $3.1 trillion, making it the fastest-growing major economy in the world. Furthermore, India's per capita income has doubled in the last decade, and poverty rates have declined significantly.
Breakdown of annual middle class household income in China 2021-2022. As of January 2022, the largest share of Chinese middle-class families had an annual income of between 100 thousand and 300 thousand yuan per year. According to the same survey, almost 90 percent of respondents have at least one child.
Across all 50 states and the District of Columbia, Utah has the highest concentration of middle-class households (46.62%), defined in our study as households with an annual income between $60,000 and $149,999.
Figures from People Research on India's Consumer Economy (Price), a not-for-profit research firm based in Udaipur that conducts household income surveys, put the total middle class at 432 million.
The middle-class population in the country is expected to grow rapidly in the next decade, and by 2027, the size of this group is expected to be larger than that of China, the United States, and Europe.
The petite bourgeoisie: An educated or skilled middle class. They are composed of store owners, lower ranked civil servants, professors, and skilled artisans.
Source: Australian Energy Update 2022. Department of Climate Change, Energy, the Environment and Water. Australia ranks 7th on the OECD Better Life Index, based on living conditions and quality of life. In 2021, renewable energy accounted for 29% of Australia's total electricity generation.
Australia has one of the highest standards of living in the world. Excellent job prospects, a strong economy and world-class financial services make it a desirable place to live and work.
“The standard of living has increased steadily over the past forty years; more than 90 percent of the people consider themselves middle class and reasonably happy about their life.”
For the current 2023 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,085 or less in 2021; lower middle-income economies are those with a GNI per capita between $1,086 and $4,255; upper middle-income economies are those with a GNI per ...
A high-income economy is defined by the World Bank as a nation with a gross national income per capita of US$13,205 or more in 2022, calculated using the Atlas method. While the term "high-income" is often used interchangeably with "First World" and "developed country," the technical definitions of these terms differ.
Australian household incomes are the seventh-highest in the OECD – a club of mostly wealthy countries – while mean household net worth is third-highest, behind only the United States and Luxembourg.
Australia is considered a wealthy nation with a market-based economy that has a comparatively high gross domestic product and per capita income. Its economy is driven by the service sector and the export of commodities.
More than 50% of Australians identified themselves as belonging to the middle class. 40% identified themselves as belonging to the working class. Less than 3% considered themselves amongst the upper class.