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Facts about the Mexican middle class
1. The ranks of the middle class -- defined as $7,200 to $50,000 a year -- have risen to about ten million families.
2. That is almost 40 percent of all Mexican households.
3. The country is in the middle of a housing boom. 560,000 new homes were built last year -- a record -- and 750,000 are expected for 2006.
4. Annual inflation is down to about three percent and over the last two years interest rates on 20-year mortgages have fallen from 18 to 8 percent.
5. Sales of home appliances have tripled in the last ten years.
Those facts are from Business Week, 13 March edition. Each time I visit Mexico, the more I am convinced that country has turned the corner. Here is an earlier post on undervalued nations. See here also.
Posted by Tyler Cowen on March 11, 2006 at 06:34 AM in Current Affairs | Permalink
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» http://michaelgreenspan.powerblogs.com/posts/1142232361.shtml from Today is tomorrow
Tyler Cowen: "Each time I visit Mexico, the more I am convinced that country has turned the corner."
[Read More]
Tracked on Mar 13, 2006 1:46:12 AM
» Trivia Tidbit Of The Day: Part 295 -- Immigration. from WILLisms.com
Immigration, One Of The Hotter Issues Of 2006 and 2008- First, some facts about the Mexican middle class: 1. The ranks of the middle class -- defined as $7,200 to $50,000 a year -- have risen to about ten million... [Read More]
Tracked on Mar 13, 2006 9:54:20 PM
» Trivia Tidbit Of The Day: Part 295 -- Immigration. from WILLisms.com
Immigration, One Of The Hotter Issues Of 2006 and 2008- First, some facts about the Mexican middle class: 1. The ranks of the middle class -- defined as $7,200 to $50,000 a year -- have risen to about ten million... [Read More]
Tracked on Mar 13, 2006 9:55:29 PM
» Hechos sobre la clase media mexicana from El Liberal Venezolano
Cinco hechos sobre la clase media mexicana, vía Marginal Revolution:
Las filas de la clase media -definida por ingresos entre US$ 7.200 y 50.000 anuales- han crecido hasta las 10 millones de familias.
Eso es casi 40% de todas las familias mex... [Read More]
Tracked on Mar 14, 2006 11:07:23 AM
» Trivia Tidbit Of The Day: Part 295 -- Immigration. from WILLisms.com
Immigration, One Of The Hotter Issues Of 2006 and 2008- First, some facts about the Mexican middle class: 1. The ranks of the middle class -- defined as $7,200 to $50,000 a year -- have risen to about ten million... [Read More]
Tracked on May 17, 2006 10:34:06 AM
Comments
Re-reading the undervalued nations thread, it's pretty clear now that Iraq wasn't undervalued.
- Josh
Posted by: Wild Pegasus at Mar 11, 2006 8:31:42 AM
That's good news for Mexico, but growth still has to extend downward to encompass more of people now living in poverty.
Posted by: Peter at Mar 11, 2006 8:52:36 AM
To what extent could we attribute this to free trade?
Posted by: Brian at Mar 11, 2006 12:25:18 PM
Is that definition of middle class in Mexican Pesos or US Dollars?
If in pesos, someone making $7,200 Mexican pesos a year is clearly not middle class by any means.
If in dollars, why define middle class that way? There is huge spread, going from 7k to 50k a year (esp. in a country like Mexico!)
Where does this information come from? It is not consistent to what emerges from the 2000 Mexican Census.
Posted by: J Bravo at Mar 11, 2006 2:15:42 PM
[If in dollars, why define middle class that way? There is huge spread, going from 7k to 50k a year (esp. in a country like Mexico!)]
Middle class status in other countries is not defined relative to the US.
Posted by: anon at Mar 11, 2006 4:21:54 PM
J. Bravo - $7,200 Mexican pesos a year - ?!?!?!?!?!?!
At any rate, that makes me feel alot better about having approximately 11 million Mexicans here illegally - I'd hate to spoil their little party down there by insisting they give jobs to their fellow citizens.
Posted by: ziel at Mar 11, 2006 6:45:04 PM
Perhaps an increasing middle class will push
for a reform that decreases political and
government corruption. Then Mexico and America
can be true economic partners in which both
citizens prosper mutually. Or am I dreaming?
Posted by: Theway2k at Mar 11, 2006 11:23:50 PM
The values are stated in US dollars... 7200 to 50k dollars.
at the current exchange... 77,000 to 540,000 pesos.
Posted by: marvin duran at Mar 14, 2006 3:39:53 PM
$7,200 to $50,000, eh? That is quite a spread. Anyone care to wager
which end of that most of these 10 million families are clustered? And
remember Mexicans have bigger families than Americans. I suspect the mean
family from Tyler's survey earns $14,000 for a family of six. That's not
"middle class" in any sense Americans would recognize. You can call it
middle class if you want, but it's still $2,333 per person per year.
Come on, Tyler. You're usually reliably realistic!
Posted by: Organ Doughnut at Mar 14, 2006 6:21:54 PM
Also, Tyler, I don't know which places you're visiting, but I was in Chiapas
last year -- where many of our illegal aliens hail from -- and it's all mud
huts and ginormous families and eating corn + rice + beans 1,000 meals a year down there. I'm sure Cabo is different...
Posted by: Organ Doughnut at Mar 14, 2006 6:24:45 PM
Poor roads, poor infrastucture, no socials services. It is a shame that a nation with so many hard working people and so much in natural resources should suffer this way due to an inept kleptocracy.
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Posted by: at Oct 14, 2008 12:51:48 AM
