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Is $60,000 considered middle-class or rich on Earth?

According to Brookings Institution professor Homi Kharas, the globe is on the verge of a historic milestone: by 2020, more than half of the world's population will be "middle class."

Kharas describes the middle class as those who have enough money to meet basic requirements like food, clothes, and housing while still having enough left over for a few indulgences like gourmet cuisine, a television, a motorcycle, house modifications, or further education.

After thousands of years of most people on the earth living as serfs, slaves, or in other wretched situations, half of the population suddenly has the financial wherewithal to do more than merely struggle to live.

"There was essentially no middle class before to the beginning of the Industrial Revolution in the 1830s," Kharas stated. "There was just monarchy and peasants." We are rapidly approaching a society dominated by the middle class."

According to Kharas, the middle class now accounts for around 3.7 billion people, or 48 percent of the world's population. The mega-rich number an extra 190 million (2.5 percent). In 2018, the two groups constitute the majority of mankind, a change with far-reaching repercussions for the global economy — and potentially for the happiness of millions of individuals.

So, how much money does it take to be considered middle-class by Kharas? It is determined by where you reside and, more specifically, the cost of living in your area. Kharas' definition considers the greater expense of satisfying basic requirements in regions such as the United States, Western Europe, and Japan compared to most of the developing world.

Kharas defines the global middle class as individuals earning $11 to $110 per day, or $4,000 to $40,000 per year. Those are per-person figures, so families with two parents and many children would need far more. It's a broad range, but keep in mind that he changes the sums per nation to account for how much individuals can purchase with their earnings. Earning $12,000 for a family of four in Indonesia, for example, would qualify for the global middle class, but not in the United States.

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