Yes, but roughly...
This country became wealthy because of plunder, and there's not much opportunity for that nowadays, plus they all have guns now.
This country maintained its wealth by inventing and manufacturing, but almost anyone can do that now.
This country has very few natural resources. This country can't feed itself by a long chalk. The population density is huge and many people are addicted to throwaway imported gadgets and have no interest in learning.
The undeveloped world wants fridges and cars too.
Sad to say, but the only way is down.