In my opinion, I think that the play takes place in London, in the XVIII-XIX century (150 years ago), in an apartment of an apparently rich man, Algernon, but he really has debts. As the time passes, the place changes; first, all the acts happen in the town, London, at Algy's house, but later, in the country, at Mr Worthing's house. More answers please.
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Answered by Aslan
The setting is in London in the 1890's so I would say you are right.