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Wealth classes are relative to the purchasing power and cost of living. With many more reaching middle class it just means that the threshold to be considered
by m-p-3 7y ago
Wealth classes are relative to the purchasing power and cost of living.
With many more reaching middle class it just means that the threshold to be considered middle class increases, so the bottom of the middle class will simply be downranked at some point as even though they're making more money, their power diminished.
- sqrt17 7y agoThe article gives a definition of what they mean by middle class in absolute terms: - being able to afford durable goods such as motorcycles and washing machines - not having to fear extreme poverty due to illness or unemployment right away In many developed nations, this definition would comprise a large majority of the population, and some people who would be considered poor on relative terms there (i.e. make less than half the average income) would comfortably fit into this definition of a global middle class.