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Support for the populist radical right (PRR) has considerably increased across advanced industrialized democracies in recent years. However, the causes of their rising popularity continue to be widely debated. Some scholars attribute the PRR’s rise to economic factors, arguing that these parties primarily cater to the economically insecure, low-skilled losers of modernization and globalization. Yet, previous research has failed to establish a strong connection between deteriorating economic conditions and PRR support at the individual level. Given this lack of strong evidence, many prominent narratives have downplayed the role of economic factors and instead argued that rising PRR support is primarily a cultural backlash against rising immigration or long-term social change. We contribute to these debates by providing a more direct empirical test of the assumed relationship between changes in personal material circumstances and PRR support. Drawing on long-term, nationally representative, individual-level panel survey data from several advanced industrialized democracies, we show that individual-level decline in income over time is consistently and robustly associated with increased support for the PRR. In doing so, we challenge accounts that have downplayed the role of individual-level economic factors at the expense of cultural explanations for the recent increase in PRR support.