Middle class now rivals poor in Latin America - World Bank study
Middle class now rivals poor in Latin America - World Bank study
By Anna Yukhananov
WASHINGTON | Tue Nov 13, 2012 5:08pm GMT
(Reuters) - Rapid economic growth and more inclusive social policies in Latin America in the last decade have lifted 50 million people into the middle class, which for the first time rivals the poor in number, the World Bank said in a study on Tuesday.
Rising income levels have also created a 'vulnerable' class, which at 38 percent makes up the largest income group. These people hover just above poverty, living on a daily income between $4 and $10 per person.
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The World Bank measures the middle class as people who have economic security, facing less than a 10 percent chance of falling back into poverty. For the region, that translates into a daily income of $10 to $50 per person.
Roughly thirty percent of the population now falls into that category, equal to the third of people still in poverty -- a remarkable shift in a continent that has been known for its vast income inequalities, dominated by the poor and a narrow slice of the rich.
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http://uk.reuters.com/article/2012/11/13/uk-worldbank-latam-middle-class-idUKBRE8AC0UJ20121113?rpc=401&feedType=RSS&feedName=worldNews&rpc=401
