The Scary New Rich – General
www.newsweek.com — As China and other large developing nations became more prosperous, it was always assumed that they would become more like the suburbs of Washington or London—liberal, democratic, market-friendly bastions not only of Western-style consumerism but also of political liberty. With time and wealth, "they" would become just like "us."
The truth is that "they" are not becoming just like "us." The global middle class is rising faster than expected, in numbers and in wealth. Last year 70 million people joined the emerging-market middle class, with incomes between $6,000 and $30,000. They have become "the story of the decade," says Goldman Sachs's chief economist Jim O'Neill, and will surpass their Western peers in global spending power within two decades.
