On Monday, Pew Research Center released a report showing the American middle class is shrinking, while thriving in other European countries. Recent research shows that young homeowners in China and Mexico have the U.S. beat.

The report from HSBC found that 70% of millennials in China and 46% of Mexican millennials own a home versus 35% of young adults in the U.S. Young people in China are benefiting from wage growth that is projected to outpace the rate of home price appreciation set last year. And the U.S. doesn’t just fall behind China — France (41%) also came out ahead. In the United Arab Emirates, only 26% of millennials own a home, and Australia does only slightly better at 28%. (The average millennial U.S. homeownership rate in a separate WalletHub study rested around 40%.)