In economics, measures of relative deprivation have traditionally focused on measuring endowments and rank within one dimension (income) and one reference group (population). More recently, contributions across the social sciences stressed the importance of context specific goods and reference groups in determining expectations and feelings of deprivation. The paper expands on recent contributions to propose a measure of relative deprivation that allows for the selection of the reference group and is additively decomposable into structural mobility (redistribution) and exchange mobility (re-ranking). An illustration of the index based on data from Moldova shows how the index may be better suited than conventional measures to treat problems such as relative deprivation across genders or to trace real changes of subjective deprivation over time.