In the 1950s, over 90% of the global middle class resided in Europe and North America. Today, over 20% live in China. China is experiencing the fastest expansion of the middle class the world has ever seen. By 2027, it is estimated that 1.2 billion Chinese will be middle class, making up one-quarter of the world total.
Unlike aging populations in Europe and Japan, China’s population is young and it is driving the economy; 70% of Chinese Millennials own their own home. In the US, UK and Australia, only around one-third of Millennials are homeowners.