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Old 09-15-2012, 05:45 AM  
woj
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Join Date: Jul 2002
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Quote:
Originally Posted by Relentless View Post
The middle class did not shrink... That's a misnomer. That would imply some people went from middle to wealthy and others went from middle to poor. What actually happened is the number of poor people grew quite a bit, and the people already wealthy became more wealthy.

Growth of poverty is not a shrinking middle class... It's many new poor people and almost zero new wealthy ones...
You are slightly mistaken, number of "High-net-worth individual" (HNWI, $1m+ net worth) almost doubled since 1999... so quite a few people do in fact move from middle class to the upper class...

http://en.wikipedia.org/wiki/HNWI#Capgemini_figures
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