The “rise of the middle class” has been a ubiquitous theme touted by emerging market (EM) investors for several years. In reality, upward social mobility and the emergence of a middle class in EM has been largely confined to China over the past decade. Given that China’s significance in the emerging world tends to obfuscate everything else when it comes to EM-related generalizations, it is not surprising that this misperception has taken root.
In this, the first in a two-part series on False Narratives in EM Equities, Justin Leverenz of Invesco demystifies what the “rise of the middle class” truly means in an EM context. In part two, we delve into the controversial claim that emerging markets are the growth engine of the world. READ MORE
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