US no longer has the world’s richest middle class

Canada has replaced the US as the country with the world’s richest middle class according to new analysis.

Analysis by the New York Times shows that lower and middle income citizens in the US have received considerably lower raises over the last three decades when compared with the same groups in other countries.

The US GDP continues to grow and outpace most economies, but the wealth generated by this growth is increasingly held by a tiny minority of super wealthy individuals, with the poor and middle classes paying the price for rising income inequality.

Median incomes in Canada matched that of the US by 2010, and have now likely pulled ahead, while in western European nations, notably Sweden, the Netherlands, and the UK, income inequality has fallen, contrasting to the situation in the US.