Another reason to invest overseas

One of the big themes of the next 20 years will be the massive increase in spending by a growing middle-class around the world, particularly China as wages increase. The chart below from Platinum Asset Management's September quarterly shareholder update shows how consumer tastes develop as incomes increase. There aren't any great surprises in the chart. It clearly shows that as consumers move beyond necessities such as milk and soap at subsistent income levels they spend more on things they don't need, such as soft drinks, travel and ultimately luxury goods such as handbags. It's a sign of the times...

One of the big themes of the next 20 years will be the massive increase in spending by a growing middle-class around the world, particularly China as wages increase. The chart below from Platinum Asset Management's September quarterly shareholder update shows how consumer tastes develop as incomes increase.

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