ANALYSIS OF THE DETERMINANTS OF GROWTH OF THE MIDDLE CLASS IN INDONESIA SHARIA ECONOMIC REVIEW

This study aims to identify the factors influencing the growth of the middle class in Indonesia, focusing on education, Islamic capital market investment, and Islamic bank financing. A quantitative approach with multiple linear regression analysis of the 2021-2024 time series data was used with the help of the SPSS 25 application. The findings show that these three factors significantly affect the growth of the middle class. The regression results revealed that these factors can explain 87.4% of changes in middle-class growth. Increased financial literacy, access to education, and ease of financing are needed to drive more sustainable growth of the middle class.