The Global Middle Class

The world is on the brink of a historic milestone: By 2020, more than half of the world's population will be “middle class,” according to Brookings Institution scholar Homi Kharas. Kharas defines the middle class as people who have enough money to cover basics needs, such as food, clothing and shelter, and still have enough left over for a few luxuries, such as fancy food, a television, a motorbike, home improvements or higher education.