The Asia-Pacific region is undergoing the largest middle-class expansion in history. By 2035, it will be home to 3.2 billion of the world’s 5 billion middle-class consumers. This transformation is reshaping global consumption, financial behavior and digital engagement, creating new demand for financial products and solutions such as mobile wallets, access to finance and savings accounts.

The growth of the middle-class in the region presents a generational opportunity to build inclusive economies — and to serve a rising consumer base that is increasingly connected, entrepreneurial and digitally enabled.

In particular, the nations that comprise the Association of Southeast Asian Nations (ASEAN) are emerging as a powerful pillar of middle-class momentum. If the ASEAN region was a single economy, it would rank third globally in middle-class additions by 2035, adding 112 million people — just behind India (411 million) and China (163 million). This shift represents a critical opportunity to shape the future of inclusive economic growth. 

To unlock this potential, we are partnering to map the middle-class journey across geographies, generations and income thresholds. Our work together will unlock the insights and knowledge that will help policymakers, public sector leaders and organizations invest in systems that build resilient growth.

ASEAN countries are at different stages of this transition to the middle class, which is rapidly becoming the majority in the region. More than 50% of the population in Singapore, Thailand and Vietnam are considered middle-class, with active participation in the economy and access to both disposable income and regular savings. In Malaysia, that figure goes up to 89%. Meanwhile, Indonesia and the Philippines will reach middle-class majority by 2031–2032. 

With incomes ranging from $13 to $120 daily, these individuals will have an outsized impact on economic mobility and outcomes for the ASEAN region. As incomes rise, people spend more on education, health, recreation and financial services. Asia’s discretionary spending is projected to grow from $23 trillion in 2025 to $35 trillion in 2035. And financial services spending will more than double, reaching $1.2 trillion.

This growth will reshape consumption patterns, increasing demand for secure products and services such as digital accounts. It will create new opportunities for small businesses — a new set of consumers that could drive demand and provide opportunity for scale. And it will drive more inclusive economic growth around the world — a stronger middle class means a path towards financial health, resilience and safety. 

As the majority of this region is either in transition or already middle-class dominant, we should seize the opportunity to make sure everyone is getting access to the benefits of a digital economy. That means millions of people are ready to access tools and resources — such as lines of credit, savings accounts, digital wallets and mobile payments — that can help secure their middle-class status and unlock economic potential.

To understand how this expansion can shape our steps forward in supporting economic opportunity and growth, we’re identifying tipping points, such as the income levels at which people gain access to financial tools and start participating in the modern economy. For example, access to finance typically begins around $5 a day, while credit card adoption starts closer to $25 a day. These thresholds help us understand the journey towards economic mobility and what interventions can accelerate that journey.

Gaps in inclusion are also important, so we can take actions to bring everyone into the middle class. Low mobile wallet uptake in rural Asia to irregular savings in Vietnam shows why we need to come together to help businesses, governments and organizations design interventions that support upward economic mobility.

On October 24, the Mastercard Center for Inclusive Growth will host its inaugural ASEAN Inclusive Growth Summit, where private, public, governmental and social impact leaders will come together to discuss the opportunities in the ASEAN region — and more importantly, understand how to drive financial health and inclusive growth for the people there. This is a generational opportunity to move beyond financial inclusion to invest in systems that make prosperity sustainable and durable.

This shift is a story of economic mobility, financial inclusion and inclusive economic growth. The emerging middle class is not just a statistic or trend. It’s a story of ambition, resilience, and transformation — and ASEAN is writing the next chapter.