This is not to suggest that developed nations do not struggle with their own issues of income inequality and poverty. And most of these people still lived in the economically advanced countries in North America, Europe and the Asia-Pacific region. By global standards, that constitutes an upper-middle or high-income existence. In 2011, only 16% of the world’s population was living on $20 or more daily, a little above the U.S. Estimates from other sources that are mentioned in this report are typically based on PPPs from 2005, that is, they are derived from a round of international price comparisons conducted in 2005 (World Bank, 2008). The 2011 PPP estimates used in this study are the latest available benchmark estimates and are based on a round of international price comparisons conducted that year (World Bank, 2014a).
46.67, is needed to obtain what $1 buys in the U.S. Thanks to the lower cost of living in India, this means that only Rs. But for India, for example, the rupee to US$ conversion rate -46.67 in 2011-is different from the rupee to PPP$ rate-14.975 for individual consumption expenditures by households. Thus, for the U.S., one US$ equals one PPP$. serves as the base country for price comparisons and for currency conversions. In principle, one PPP dollar represents the same standard of living across countries. Purchasing power parities (PPPs) are exchange rates adjusted for differences in the prices of goods and services across countries. 1 Purchasing Power Paritiesĭollar figures estimated for this study are expressed in 2011 prices and are converted to 2011 purchasing power parity dollars.
That range merely straddles the official poverty line in the United States-$23,021 for a family of four in 2011. As defined in this study, people who are middle income live on $10-20 a day, which translates to an annual income of $14,600 to $29,200 for a family of four. The middle class barely expanded in India and Southeast Asia, Africa, and Central America.Įven those newly minted as middle class enjoy a standard of living that is modest by Western norms. In 2011, a majority of the world’s population (56%) continued to live a low-income existence, compared with just 13% that could be considered middle income by a global standard, according to a new Pew Research Center analysis of the most recently available data.Īnd though there was growth in the middle-income population from 2001 to 2011, the rise in prosperity was concentrated in certain regions of the globe, namely China, South America and Eastern Europe.
But the emergence of a truly global middle class is still more promise than reality. The first decade of this century witnessed an historic reduction in global poverty and a near doubling of the number of people who could be considered middle income. Updated August 13, 2015: This new edition includes corrected estimates for Iceland, Luxembourg, the Netherlands and Taiwan, and some related aggregated data.
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