The middle class is disappearing in developed countries around the world, according to a new report
Middle-income households are disappearing in developed countries around the world, according to a new report by the Organisation for Economic Co-operation and Development.The study, titled"Under Pressure: The Squeezed Middle Class," laid out a litany of problems affecting middle-income households. And it warned that this could have serious consequences for nations' economic growth and social fabric.
The middle class spent 32% of their budgets on housing in 2015, compared to 25% in 1985.More than one in five middle-income households spend more than they earn.The middle class has also been losing economic clout in OECD countries, which could ripple through societies. The total income of this group was about four times that of upper-income households in 1985. Thirty years later, the ratio fell to less than three.
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