What would happen in the global marketplace if all people had a living wage?

If the entire world population had a living wage, the effects that this would have on the global marketplace would be positive, since it would increase the consumption of goods and services since all the inhabitants of the world would have the possibility of accessing them. Thus, production by companies would increase, which would generate higher profits for these and higher tax collection for governments, thus increasing salaries and social security expenses, ultimately improving the quality of life of the population.