Global middle class shrinking incomes fall

Estimates indicate a decline of the middle class worldwide due to rising living costs and sluggish wage growth, with financial pressures increasing on families in many countries. In Germany, the middle class's share dropped from 70% in 1991 to less than 64% in 2021, while in the United States, it declined from 61% in 1971 to 50% in 2021, amid ongoing increases in housing, healthcare, and education costs. In Latin America, some gains made by the middle class have been eroded by the impacts of the pandemic and inflation, and families in Africa face challenges due to inflation and unemployment, despite opportunities arising from digital transformation. Countries like Sweden, Norway, and Canada are strengthening the middle class through social policies and public services, whereas challenges persist in other nations. The study highlights the importance of economic policies to address the erosion of the middle class, given the risks and opportunities involved, which require clear strategies to restore its economic and social balance.

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