The Next Billion
Over the next five years an estimated 1 billion more people will become connected to the internet for the first time, creating a digital middle class and lifting tens of millions from poverty. Not surprisingly, this “next billion” will come from the Emerging Markets of Asia, India, Africa, Latin America and the Middle East. Importantly, these new consumers won’t be going online via traditional fixed line connections but rather on smartphones connected via mobile broadband. The ramifications of this are significant for investors in Emerging Markets.