Much has been made of the death of America’s middle class in recent years, but on a global scale, it’s still thriving. A recent Pew study says that as of 2011, a whopping 88% of Americans qualified as either upper-middle income or high income on a global scale.
Those impressive figures remain in spite of the fact that the median income of U.S. households has dropped nearly $4,000 from its 2001 level of $55,526 (in 2013 dollars). Fifty-six percent of Americans still live on more than $50 per day, far exceeding the global average of 7%. The study notes that the high standard of living in the U.S. may skew perspective on poverty and the middle class:
According to the study’s author, Rakesh Kochhar, the analysis takes into account cost of living, which is likely to be far higher for Americans than for most others around the world.
Read the full study and analysis here.
- AI Is Not an Arms Race
- Here's What's in the Debt Ceiling Deal
- Matthew Macfadyen on Succession Series Finale
- How Worried Should the World Be of China's New COVID Wave?
- What Erdoğan’s Victory Means for Turkey—and the World
- Why Everyone Is Having Bad Sex (Especially Young People)
- The 30 Most Anticipated Movies of Summer 2023
- Florence Pugh Might Just Save the Movie Star From Extinction