... shrinking middle classes with sometimes stagnating real incomes are increasingly becoming a policy concern in many industrialised countries (Economist 2010; OECD 2011), developing and emerging... cartography of the new middle classes in developing and emerging countries Introduction Until recently, the world’s middle classes were concentrated in industrialised, highincome countries But... emerging middle classes display very heterogeneous characteristics: there is not a new middle class, but a variety of new middle classes Members of the new middle classes have the means to invest