The Asia–Pacific region is experiencing the fastest and largest rise of the middle class in history. By 2035, an estimated 3.2 billion of the world’s 5 billion middle-class consumers will live in this part of the world. This rapid shift is redefining global spending patterns, financial habits, and digital participation — and it is driving new demand for financial solutions including mobile wallets, savings products, and accessible financial services.
This surge presents a once-in-a-generation chance to build more inclusive economies and meet the needs of a growing consumer segment that is digitally connected, entrepreneurial, and increasingly empowered.
Among Asia–Pacific economies, the countries within the Association of Southeast Asian Nations (ASEAN) are emerging as a major engine of middle-class expansion. If ASEAN were considered a single market, it would rank third globally in new middle-class consumers by 2035, adding 112 million people — behind only India (411 million) and China (163 million). This demographic shift presents a pivotal moment to shape the future of equitable economic growth.
To harness this opportunity, we are collaborating to map the evolution of the middle-class across borders, age groups, and income categories. This partnership aims to generate insights that help governments, policymakers, and organizations develop systems that support sustainable and resilient economic development.
Defining the opportunity: Asia’s expanding middle class
ASEAN countries are progressing at different speeds toward a majority-middle-class population, yet many are already well on their way. More than half of the people in Singapore, Thailand, and Vietnam now fall into the middle-class category, demonstrating active economic participation along with discretionary income and regular savings. Malaysia’s middle-class share is even higher at 89%. Indonesia and the Philippines are expected to cross the middle-class majority threshold between 2031 and 2032.
Middle-class individuals in the region — earning between $13 and $120 per day — will significantly influence economic mobility and regional growth. As incomes rise, spending on education, healthcare, leisure, and financial services increases. Asia’s discretionary spending is forecast to climb from $23 trillion in 2025 to $35 trillion by 2035. Expenditures on financial services alone are expected to more than double, reaching $1.2 trillion.
This economic momentum will reshape consumption patterns, increase demand for secure digital financial services, and create opportunities for small businesses. A stronger middle class contributes to broader inclusion, promoting financial stability, resilience, and long-term prosperity worldwide.
As the region becomes predominantly middle class, it is crucial to ensure that everyone can access the benefits of a growing digital economy. Millions of people are now primed to adopt financial tools such as credit products, savings accounts, digital wallets, and mobile payments that can help strengthen their financial standing and unlock economic opportunity.
Turning data into action
To understand how this demographic shift can drive future economic opportunity, we are analyzing key inflection points — for example, the income levels at which individuals begin to access financial tools and participate more fully in the modern economy. Trends show that financial inclusion typically begins around $5 per day in income, while credit card use becomes common around $25 per day. These benchmarks help identify where support can accelerate financial mobility.
Addressing existing gaps is equally important. Limited mobile wallet adoption in rural areas and inconsistent savings behavior in markets such as Vietnam highlight the need for coordinated solutions — involving businesses, governments, and nonprofits — to help more individuals move upward economically.
On October 24, the Mastercard Center for Inclusive Growth held its first ASEAN Inclusive Growth Summit, bringing together leaders from the private sector, government, and social impact organizations. The goal: to explore ASEAN’s expanding opportunities and identify actionable strategies for advancing financial health and inclusive growth across the region. This moment represents a critical chance to move beyond basic financial inclusion and build systems that create lasting and shared prosperity.
This transformation is ultimately a story of economic mobility, financial access, and inclusive growth. The rise of the middle class is more than a statistic — it reflects the aspirations, resilience, and progress of millions. And ASEAN is poised to define the next phase of this narrative.
This surge presents a once-in-a-generation chance to build more inclusive economies and meet the needs of a growing consumer segment that is digitally connected, entrepreneurial, and increasingly empowered.
Among Asia–Pacific economies, the countries within the Association of Southeast Asian Nations (ASEAN) are emerging as a major engine of middle-class expansion. If ASEAN were considered a single market, it would rank third globally in new middle-class consumers by 2035, adding 112 million people — behind only India (411 million) and China (163 million). This demographic shift presents a pivotal moment to shape the future of equitable economic growth.
To harness this opportunity, we are collaborating to map the evolution of the middle-class across borders, age groups, and income categories. This partnership aims to generate insights that help governments, policymakers, and organizations develop systems that support sustainable and resilient economic development.
Defining the opportunity: Asia’s expanding middle class
ASEAN countries are progressing at different speeds toward a majority-middle-class population, yet many are already well on their way. More than half of the people in Singapore, Thailand, and Vietnam now fall into the middle-class category, demonstrating active economic participation along with discretionary income and regular savings. Malaysia’s middle-class share is even higher at 89%. Indonesia and the Philippines are expected to cross the middle-class majority threshold between 2031 and 2032.
Middle-class individuals in the region — earning between $13 and $120 per day — will significantly influence economic mobility and regional growth. As incomes rise, spending on education, healthcare, leisure, and financial services increases. Asia’s discretionary spending is forecast to climb from $23 trillion in 2025 to $35 trillion by 2035. Expenditures on financial services alone are expected to more than double, reaching $1.2 trillion.
This economic momentum will reshape consumption patterns, increase demand for secure digital financial services, and create opportunities for small businesses. A stronger middle class contributes to broader inclusion, promoting financial stability, resilience, and long-term prosperity worldwide.
As the region becomes predominantly middle class, it is crucial to ensure that everyone can access the benefits of a growing digital economy. Millions of people are now primed to adopt financial tools such as credit products, savings accounts, digital wallets, and mobile payments that can help strengthen their financial standing and unlock economic opportunity.
Turning data into action
To understand how this demographic shift can drive future economic opportunity, we are analyzing key inflection points — for example, the income levels at which individuals begin to access financial tools and participate more fully in the modern economy. Trends show that financial inclusion typically begins around $5 per day in income, while credit card use becomes common around $25 per day. These benchmarks help identify where support can accelerate financial mobility.
Addressing existing gaps is equally important. Limited mobile wallet adoption in rural areas and inconsistent savings behavior in markets such as Vietnam highlight the need for coordinated solutions — involving businesses, governments, and nonprofits — to help more individuals move upward economically.
On October 24, the Mastercard Center for Inclusive Growth held its first ASEAN Inclusive Growth Summit, bringing together leaders from the private sector, government, and social impact organizations. The goal: to explore ASEAN’s expanding opportunities and identify actionable strategies for advancing financial health and inclusive growth across the region. This moment represents a critical chance to move beyond basic financial inclusion and build systems that create lasting and shared prosperity.
This transformation is ultimately a story of economic mobility, financial access, and inclusive growth. The rise of the middle class is more than a statistic — it reflects the aspirations, resilience, and progress of millions. And ASEAN is poised to define the next phase of this narrative.