Consumer spending in India and China together will triple, and the consumer markets of the two countries will worth a whopping $10 trillion by the end of the current decade, as per a book by Boston Consulting Group (BCG) titled "The $10 Trillion Prize."

According to the book, Indian consumers would spend around $3.6 trillion, while Chinese consumers would spend nearly $6.2 trillion annually on consumer goods by 2020.

The projected figure represents more than the total consumption in United States and Europe. The figure also shows that the new middle class that earns in the range of $7,000 to $20,000 will play a crucial role in redefining the consumer world over the next eight years.

China and India and show how the world will be redefined by the new middle class, by people earning between $7,000 and $20,000, over the next eight years.

The book added that new affluent groups along with financial growth of middle and upper classes would accelerate the boom in the consumer market.

As per the BCG global consumer study, 19 per cent of Indians and 36 per cent of Chinese expect an increase in their discretionary spending over coming one year.

The book, written by BCG consultants Michael J Silverstein, Carol Liao, David Michael and Abheek Singhi, also noted that the number of billionaires in India increase from just four in 2001 to fifty-five in 2012, while the number of billionaires in China jumped from merely one to 115 over the same time period.