The accelerated growth of the middle class that has taken place during the last decade in Latin America, as well as in other developing regions, has renewed the interest in this social group’s impact on economic growth and social change. However, this stands in contrast with the ambiguity and confusion with which the middle class tends to be identified and quantified. Most studies focus on the analysis of income and fail to assess the values and preferences of middle classes in Latin America, a dimension that can be of great use to understand this phenomenon. This study aims to quantify the size of the middle class, not only from an income perspective but also delving into the subjective factors that determine the perception of belonging to the middle class, as well as looking at some of the value dimensions that characterize it.