BusinessWeek reports on Mexico’s emerging middle class and the financial competition it has spurred:
The ranks of that middle class, or those making between $7,200 and $50,000 a year, have swelled to record levels of around 10 million families. That's equal to nearly 40% of all Mexican households, vs. 30% just a few years ago. It helps that for almost a decade now, wages have been rising faster than inflation. In addition, women are having fewer children, and more of them are joining the workforce, giving households more money to spend and save.
Homeownership is the other key factor in Mexico's transformation, because it allows families to build equity, establish credit histories, and move up the economic ladder.
Via Daniel Gross.
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