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One way a global index can respect local authority would be for the index to acknowledge that within that territory, there is an official name for things.
They can also be pragmatic and acknowledge a common local name, the global consensus name, etc.
In many ways, it’s just a further fragmentation like language.
Current U.S. leadership: Our billionaires are gonna be bigger than all the other billionaires in the world put together. (I honestly believe there’s an insecurity motive there: if US billionaires don’t amass significantly more wealth, they won’t be competitive in the billionaire world against outside billionaires.)
U.S. Democracy: If one dollar = one vote, I guess we should save all that money we have been wasting on elections.
The real reason for the surge in prosperity of the middle and lower classes after WWII: decimation of the ultra-wealthy throughout the developed world. Remember: the post WWII US income tax on the wealthy was 91% - literal decimation, for those who paid.
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-income-tax-rates