تعریف و معنای "[go|come] down in the world"

What is the origin of the idiom "go down in the world" and when to use it?

The idiom "go down in the world" is believed to have originated in Britain in the 19th century, and may have originally referred to a person who had fallen from a position of wealth or prominence due to financial difficulties or other setbacks. The phrase is often used to describe a person who has experienced a significant decline in their social or economic status.