China’s high-earning consumers to surge by 2030: report

CHINA’S pool of high-earning consumers is set to surge in the next 15 years, their household spending growing to be greater than the Europe Union’s current level, a report showed.

The number of people earning more than 10,000 U.S. dollars per year is expected to grow to around 480 million by 2030, from around 132 million today, according to research by the Economist Intelligence Unit (EIU), a think tank with the Economist.

The proportion of the population with upper-middle and high incomes will expand from 10 percent to 35 percent by 2030 when China will look and feel like a more middle-class society, although inequalities in wealth will remain an important social challenge, the report pointed out.

 

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