Emerging markets are no longer emerging. Many of them have arrived—and they are fueling about two-thirds of global GDP growth. With young populations, growing middle classes, and rising consumption, these markets are becoming more prosperous and, despite recent headlines, more stable. In most of these markets, long-term resilience will trump short-term turbulence.... In this report:

• Many of the 2014 BCG global challengers are focused on serving the growing middle class in emerging markets.
• They are based in 18 countries, double the number represented in the inaugural list in 2006.
• To continue their growth, global challengers need to improve their innovation and talent capabilities.