Is middle class still shrinking?
Some households have fallen into poverty; others have moved into affluence. The balance of those two shifts determines what happens to the size of the middle class. You found that, in about half of the countries you studied, the size of the middle class fell substantially — in fact, by about 10 percentage points.
Where is the middle class shrinking?
Across Western Europe and North America, the middle class is shrinking, according to a new report by the OECD. With each new generation, a smaller share of the population find themselves earning middle incomes.
When did middle class start shrinking?
The “middle class,” counted as people earning between 75% and 200% of the median income in each country, has shrunk since the mid 1980s from 64% to 60% of the population of richer countries.
Are the poor getting poorer?
Yes, the poverty rate is decreasing. If we look at the changes that are happening however, they are slight, compared to the growing wealth gap. According to the latest US Census, in 2018 there were 1.4 million fewer people living in poverty in the US compared with 2017.
Does it matter if some people are much richer than other?
Does it matter if some people are much richer than others? A. Most economists say some inequality is needed to reward hard work, talent and innovation. But a wealth gap that’s too wide is usually unhealthy.
Why the rich are getting richer and the poor poorer Reich?
The structure of “Why the Rich Are Getting Richer and the Poor, Poorer” is built on a metaphor: that of boats rising or falling with the tide. As Reich notes, “All Americans used to be in roughly the same economic boat” (para. 2), and when the economic tide rose, most people rose along with it.
What percentage of the world is rich?
Global Wealth According to a new Credit Suisse report, 45.8 percent of global household wealth is in the hands of just 1.1 percent of the world’s population. Those 56 million individuals control a mind-boggling $191.6 trillion, as can be seen on the following pyramid.