Our Wealth Isn’t the Problem. Our Fragmentation Is.

The Muslim upper middle class of 150 million has a combined spending power of $1.7 trillion annually.

Economic power, once concentrated in the hands of a few Western nations, is undergoing a profound shift. The global Muslim population has grown to approximately 2 billion people, representing nearly a quarter of humanity, with consumer spending across halal sectors reaching $2.43 trillion in 2023 and projected to rise to $3.36 trillion by 2028. Within this vast community lies an emerging upper middle class — estimated at 150 million strong — wielding collective spending power of $1.7 trillion annually.

This represents 20% of the global upper middle class population of 750 million, a demographic force that cannot be ignored. From Indonesia and Bangladesh to Egypt and Nigeria, every year over 100 million people worldwide join the middle class ranks, with the Muslim world contributing significantly to this growth. These are not merely consumers — they are young, digitally connected Muslim futurists who make up 42% of the global Muslim population and are disproportionately influential in shaping consumer trends, both within the Ummah and beyond.

Yet despite this immense economic potential, our capital remains fragmented, our institutions underdeveloped, and our collective influence far below what our numbers and purchasing power should command. While others have built financial ecosystems, innovation hubs and investment networks that amplify their economic strength, we are still working to channel our resources effectively. To truly harness this $1.7 trillion in annual spending power, we must think strategically — by building unified financial platforms, establishing world-class halal investment vehicles and creating institutions that can compete on the global stage.

Note: The data presented above is as of the latest available data and is intended to be directional rather than precise. The purpose is to highlight areas of opportunity and growth within the Ummah. Preview image by Salah Regouane on Unsplash.