CapitaLand Presentation Sept 2008
The Emergence of a Middle Class
2008: 40% Middle Class (200 million)
2015: 70% Middle Class ( 360 million)
Share of urban households by income class, %
25
•
100
90
80
70
60
50
40
30
8 9 8 8
20
10
Actual
Forecast
Emergence of lower-
middle-class segment
Emergence of upper-
middle-class segment
Upper middle class
(40,001-100,000 renminbi)
Lower middle class
(25,001-40,000 renminbi)
Poor (<25,000 renminbi)
Mass affluent
(100,001-200,000 renminbi)
Global affluent
0
1985
1990
1995
2000
2005
2010
2015
2020 2025 (>200,000 renminbi)
Source: National Bureau of Statistics of China, McKinsey & Capita Land Research
Two distinct growth waves. The first wave, in 2010, will be the lower middle class.
.
The second wave would be the upper middle class
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