In light of Putin’s invasion of Ukraine, recent domestic political tension in India and Indonesia, we are forced to reconsider the Lipsetian modernization approach to democracy. It argues that as countries’ GDP reached a certain level, a large middle-income class as well as well-educated population will constitute a democratic society that adheres to democratic value such as human rights protection. While the notion seems to be true during the 1990s wave of democratisation until the early 2000s, the past fifteen years or so shows some signs of contrary evidence. Virtually all of the largest developing countries (excluding China) by GDP measure has been experiencing democratic decline. Russia and Turkey are at the bottom of the list as they fall into dictatorship territory. India and Indonesia, worlds’ largest democracy by population, had maintained its democratic state but were eventually fall starting around 2014. With Brazil also come under this spotlight, so is the modernisation paradigm. Positive income growth fails to further the cause for democratic governance and was instead captured by the elites to preserve their political interests.