More Evidence That America’s Middle Class Is Sliding Toward the Third World
The U.S. is near the bottom of the developed world in median wealth, probably the best gauge for the economic strength of the middle class.
By Paul Buchheit
June 30, 2013
A recent article by Les Leopold informed us that our nation is near the bottom of the developed world in median wealth, probably the best gauge for the economic strength of the middle class. The source of the information, the Global Wealth Databook, provides additional evidence of our decline from our once-lofty position as an egalitarian country with opportunities for nearly everyone.
The data is summarized below. Column 4 reveals that the U.S. is near the top of the developed world in average wealth, in good part because of its many millionaires (Col 8). Median wealth per adult, in Column 5, is much lower. As a sign of the distance between America’s middle class and its national wealth, Column 6 shows that the ratio of median to mean in the U.S. is lower than in any country except Russia.
The impact of all this is shown in Column 7. Median-level adults in the U.S. get a smaller percentage of their nation’s wealth than in any other country except China and India.