One Billion People
Joining the Middle Class by 2030
THE WORLD IS CHANGING
In the 19th Century, the world was Europeanized.
In the 20th Century, it was Americanized.
In the 21st Century, the world is being ASIANIZED.
ASEAN should rise up on the agenda of investors.
An INDIAN summer is coming, and it will last half a century.
IN BRIEF
Our aim is to capture Asia’s growth by investing in exceptional, family and founder-led businesses for the long-term.
PORTFOLIO INVESTMENTS
We invest alongside founders and families pioneering the next digital leaders, emerging brands and retailers of the future.
INSIGHTS
ASIA’S THIRD GROWTH WAVE
We are entering the third wave of modern Asian growth.
The first wave of post-war growth in the 1960s-70s featured Japan and South Korea with a combined population of less than 150 million people.
The second wave in the 1990s included greater China with over 1 billion people.
The third wave, propelled by South and South East Asia, comprises 2.5 billion people.
A SHIFTING CENTRE OF GRAVITY
Asia is on track to top 50 percent of global GDP by 2040 and drive 40 percent of the world’s consumption, representing a real shift in the world’s centre of gravity.
Asia’s future is now, McKinsey Global Institute, 2019
ACCELERATING MIDDLE CLASS
In 1820, after the Napoleonic Wars in Europe, there were an estimated 2.5 million people out of a global population of 1 billion who were in the middle class.
By 1900, the global middle class was 90 million strong. In 1975 it had reached 1 billion people.
In 2006, 1 billion more had joined. In 2015, the global middle class numbered 3 billion people who spent $33 trillion - 66% of the world’s consumer spending.
In 2021 the middle class surpassed 4 billion.
By 2030 it could reach 5.5 billion people who will spend $64 trillion.
A Growing Middle Class, Pew, 2016
DIVERGENT GROWTH PATHS
The middle-class market in advanced economies is projected to grow at only 0.5-1% per year, while the dynamic middle-class market in emerging economies could register annual growth rates of 6% or more.
In fast-growing emerging and developing countries, middle-class spending rose by over 10% per year in the 1990s and 12.5% annually between 2005 and 2015.
China and India will represent over 43.3% of the global middle class by 2030.
Developments and Forecasts of Growing Consumerism, European Commission