Scholars are engaged in a vibrant debate over the degree to which cultural, as opposed to economic factors, drive far-right support. We argue that long-run material decline, but not the type of short-run economic change most often tested, drives far-right support. Using intergenerational occupational mobility as a proxy for long-run decline, we find a strong association with far-right (but not far-left) voting, as well as with anti-system and anti-immigrant attitudes. We further distinguish between status and material decline. Short-run economic shocks, in contrast, bear little to no association with far-right support. The findings have potential implications both for macro-level explanations of the recent rise of the far right in Europe and for how analysts should study its material foundations.