Well, if you're looking at the bottom X%, then you can be confident that the rest of the population are in a better position.

Technically yes but its not that straightforward.

Take a country like Sweden for example everyone is reasonably well off (if not exactly thriving) since income inequality is quite low. At the same time wealth inequality is extremely high since the rich pulled the ladder after them and there are hardly any options for the middle class to accumulate much wealth. In turn that probably doesn’t help productivity and innovation that much. Why work harder if you won’t get anything in return? Which is a general vibe vibe in Scandinavian work culture.

Then again they (well Denmark at least since a petrostate like Norway doesn’t count and Sweden hasn’t been stellar and the Danish government is hellbent on turning the EU into a fascist dystopia so maybe its not a price worth paying..) are doing quite well economically compared to most other European countries.