Mounting problems for middle classes in OECD countries

We believe that the situation is going to become increasingly tough for middle classes in OECD countries, undoubtedly leading to political and social reactions, due to: Population ageing, which may lead to a higher tax burden for the middle classes or a less generous pension system; Income distribution, which remains skewed against wage earners; The disappearance of intermediate jobs and the continued labour market polarisation under the effect of competition and new technologies; The costs of the energy transition; The constant rise in real estate prices because monetary policies remain highly expansionary.