This paper looks at how different income groups in various countries (country deciles) have fared during the past twenty years of globalization, and how, in consequence, global distribution of income has changed.  It focuses on what groups have gained, and what have lost, in relative and absolute (real income) terms. It advances several hypotheses to explain these changes, and discusses the possible relationship between the rise of  China's "middle class" and the hollowing out of (much richer) middle classes in the advanced economies.