I just reviewed a rather interesting analysis of what the Argentine social pyramid looks like these days. The numbers they came up with are revealing, honestly.

Here’s the picture, according to data from the third quarter of 2025. At the top you’ve got the upper class, just 5% of the population. To get into that club, you need at least 7 million per month, though the average is around 12 million. Pretty different from the rest, obviously.

Next comes the upper-middle class, which accounts for 17% of households. These people earn around 3.7 million per month on average. This is where many think they are, but the reality is harsher.

The bulk of the Argentine social pyramid is concentrated in the lower-middle class. You need to earn from 2.05 million per month to be considered part of this segment, which makes up 26% of the total. The average is around 2.4 million. This is where things get complicated, because the margin is very tight.

What’s interesting is what happened at the base of the pyramid. There was an upward shift among the most vulnerable sectors. The population below the poverty line fell from 26% to 24%, while the higher low-income group—the one just above the poverty line—grew from 24% to 28%. It’s not a dramatic change, but it indicates something.

And here’s what caught my attention the most: how each stratum consumes. The upper class thinks about traveling. The upper-middle class is recovering from the blow of 2024 but constantly balances to avoid falling. Caballito is the symbol of this group. But in the lower half of the social pyramid, the reality is different: the “culture of no” predominates, where there simply isn’t any room.

The consumption data confirms it. Cars and international travel rise by more than 50% year over year. But supermarkets fall 5.1%, clothing drops, and domestic tourism declines. Alcoholic beverages were the hardest hit, with a 16.5% drop. It’s as if two Argentinas are living side by side: one that travels and buys cars, and another that tightens the belt at the supermarket.

This gap is what defines the social pyramid today. It’s not just numbers in a table—it’s two completely different realities.