Nouveau poor

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Nouveau poor ("new poor"), refers to a person who had once owned considerable wealth, but has now lost all or most of it. This term is generally used to emphasize that the individual was previously part of a higher socioeconomic rank, and that such wealth that provided the means for the acquisition of goods or luxuries is currently unobtainable. These people may or may not actually be poor, but compared to their previous rank, it seems as if they are.[1]

The trend of the once-middle class descending into a state of poverty has become increasingly prevalent in the period of the 2008–2012 global recession in the USA.

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  1. ^ Rich, Laura (June 15, 2009). "Recession Lexicon: Nouveau Poor". Recessionwire. Retrieved 2009-08-27. 

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