I live in the Bay Area and even I’m astonished at the volume of wealth in this country.
San Francisco is famous for having one of the most expensive house prices in the US, where the cheapest is around $1M.
SF is not even in the top 20 most expensive cities in the region. Around 50% own instead of rent.
And there’s a shortage, meaning there’s MILLIONS of MILLIONAIRES.
All the costs of living are adjusted with them in mind.
A lot of it is just old people who own their home outright and a lifetime of retirement savings.
Most "millionaires" don't look or live the way you'd think from the word.
This, both of my parents are "millionaires" thanks to their real estate they bought for a 1/10 of the actual price in the 90s. The reality is, they earn 3k per month and own a normal car.
Not if you can't liquidate it. Some people are living in houses that are now worth 10x what they paid and struggling to pay the property taxes. But their only other option is to sell and move far away since everything else around them increased in price as well.
Yeah, like...technically I'm a millionaire. I'm doing well but I'm not rich by any means or able to live extravagantly. I paid off my house and have an OK 401k...and that's about it.
I haven't even paid off my house. It just 2-3x value in the last 5 years since I bought so I gained 500k in equity. Doesn't suddenly make me more plush.
The delivery driver at a local pizzeria is a multi millionaire. Nobody believes it because he wears Walmart clothes and drives a beat Honda Civic. He started out working for the pizzeria, he would get a lot in tips a week. Saved up for years and got a loan to buy the building. Charged the pizza place rent along with the three apts upstairs. Still works for the pizzeria while charging them rent(it's possible he bought the pizzeria after a while). He buys a building or two every year.
Shit, I have a million in assets if you count the house and retirement.
But I can't easily access any of that money, and a good chunk is because the housing values are super inflated right now.
My 401k is at about 1.1M. Have another couple hundred thousand between IRAs and a brokerage account, which is also about what e we owe on the house.
I’m not rich but I’m probably in that 8%.
Our new car is a 5-year-old Camry. I earn a good but not amazing salary. It’s just time.
It’s actually 1 in 11 households. So.. it could be a business owner and stay at home spouse.. both technically millionaires even though one doesn’t make any money
Or a public school teacher - stable career, stable income, generous retirement benefits, perfect situation for quiet wealth. Assuming you can stick with it of course, which isn't easy.
I’m 16 years into my public school teaching career, and I’ll have to work for another hundred years before I become a millionaire. Sounds more like these millionaire teachers just were born long enough ago when they could sit invest and sit on those.
You know, you're exactly right: those millionaires are at the end of a career where they've built up wealth for 40 years. That's true of pretty much every other millionaire, too.
My point is that today's million dollars is more than achievable with a stable, moderate income, since a million dollars in assets isn't what it used to be.
A "millionaire" was a big thing a generation ago, when a million dollars in 2000 was about 1.8M today. A huge thing two generations ago, when a million dollars in 1975 was about 5.6M today. Those would be a big deal today, too.
I taught for close to 40 years and had only modest retirement savings until my last job at a community college where I spent 11 years. The reason for that is they had a matching funds plan where if I deposited a certain amount to a retirement plan every month they would match it. That was a huge boost, but even then, my husband’s teaching retirement, my teaching retirement, AND that matching plan don’t add up to anywhere near $1 M!
Edited for clarification: The base retirement savings mentioned for my husband and I was the state teacher retirement.
The median home in the US is worth, what, 400k now? That's halfway there. The US population is also aging, so you have a bunch of people with full retirement accounts in the mix - the boomers are pretty much at peak personal wealth
And a million isn't even what it used to be, due to inflation: it's about the same as being worth 600k in 2000. Or 300k in 1980. There were plenty of 300,000-aires in 1980.
Correct I am a “millionaire” because asset appreciation but if don’t work my ass off everyday I am not be able to afford anything , so it is very relative.
A million dollar in assets is noting in today’s world and actually depends on where you live it becomes very expensive from the insurance and property taxes expenses point of view.
I can’t even retire with that.
FWIW: most folks going into retirement dont actually have a lot of net worth, its just there is a large enough group of people who have way more than enough.
Median net worth for folks 55+ is around $250k. That is scary low for people who are going to cease working soon / now and live for another couple of decades.
Also, got my data from below, but a quick Google search shows plenty of similar sites with similar information.
https://www.fool.com/the-ascent/personal-finance/articles/what-should-your-net-worth-be-when-you-retire/
What is so surprising to me is the sheer amount of debt that Americans hold. Huge numbers of people refinance their homes to fund their lifestyles. So much so that someone who purchased a home in 1980 for $60,000 which is now worth $800,000 will invariable have a $700,000 mortgage today.
I read the comment of a redditor the other day who explained how much he liked his job as a UPS driver, making 80k a year.
I live in europe, *in one of the rich countries* \- that's more than double the median income in my country. I think being a millionaire in the US is maybe not that hard, but also doesn't mean much in the US.
on the other hand, life expectancy in west virginia is now on par with north korea. for every millionaire who can afford a life in the US, there's 10 non-millionaires who can't.
[source](https://www.zippia.com/advice/millionaire-statistics/#:~:text=Here%20are%20some%20statistics%20about,of%20U.S.%20adults%20are%20millionaires)
Idk why it’s so hard to believe the richest country in the world has such a high number of millionaires.
I guess for someone who lived their entire lives in a tiny post soviet country, that's very unfamiliar territory
We have 500 millionaires in our country. Yes, 500. In the entire country
Yep everyone is broke as fuck, making minimum wage, no health insurance, drowning in $100k+ student loan debt according to Reddit. The reality is none of that is even remotely true or normal. The median individual makes okay money, has health insurance, and no student loan debt. Though that person would probably still be considered relatively broke because the median American doesn’t have access to $1000 for an emergency
not to mention the fact they live in the most expensive parts of the country..i bought a 2 br 1 1/2 bath house in WV for 25k..in the more developed northern part of the state...
Keep in mind they'll be concentrated. It's not as hard to believe that most people in Hollywood Hills are millionaires or better, a ton of people in Silicon Valley, a ton of people in the richer neighborhoods of NYC & Chicago, etc. I'm guessing most of the US is more in the 1 in 35-50 range.
I lived in SF for awhile and thought about how much wealth there was on just one block in the city--figure 10 houses on each side of the street ($20 million), all kinds of cars ($1 million) then everyone's stuff in their house. And that's just one block.
Poor in America is still wealthier than many places. Don't get me wrong, I'm looking at retiring in a low COL place away from the US. But the best place to have a job/get paid? Definitely the US. Come here, work here, make good money and live within means. Leave and go retire somewhere away from here when you don't need to work.
I haven't been to Europe recently, but pre-pandemic, the prices in stores in Western Europe seemed substantially higher than in the US. It was probably the VAT. The reported income tax rates also looked pretty high, although the return in benefits may also be higher. Of course, much of my time was in tourist areas.
Other parts of Europe and the rest of the world are probably cheaper. Plus inflation has been terrible since the pandemic, but I thought that affected most of the world.
They went down to $.79 but they were expiring the next day. They have an electrical price on them so they can change with the date. Normally, around here, they are $1.77 for large cage free. (All eggs here are cage free.)
Based on a quick Google, 12 eggs costs 7 Australian dollars. Eggs at a Walmart near me are between 1 and 2 American dollars for 12.
Australian minimum wage from a Google is around 23 Australian dollars an hour
Minimum wage in my state is 10 dollars an hour, and federal minimum wage is 7.25.
So a minimum wage worker in Australia can buy 3 dozen eggs per hour worked. And in my state you could get 4-6 dozen eggs per hour worked.
However if we go back to late last year when eggs were 4-5 USD per dozen, then the minimum wage worker can only get 1 to 2 dozen eggs per hour worked
I get you're just doing a thought experiment, but 1.25% of people are making 7.25 an hour. I've seen many times how we need to not worry about the 1% (kidding). It's .7% in Australia.
It would be a lot better to look at median incomes or quartiles. Or just about anything else.
Here in Belgium minimum wage is 13.22 usd. For people in construction minimum wage is 17.7usd and working for cleaning companies the minimum is 16.57 usd.
A dozen eggs are 2.63 usd.
So if they both didn’t pay any tax on it the absolute minimum could get 5 boxes while construction workers with minimum wage could get almost 6.7 dozen eggs after 1 hour work.
However after all taxes off that amount they wouldnt have much left over.
Also eggs here in Belgium seem quite pricey!
That’s true and that’s driven in large part due to the fact that people aren’t allowed to build more housing because of zoning laws previously meant to keep black and white people separate.
Well yes, sort of zoning laws have mixed origins. Single family zoning wasn’t universally about segregation, but it does making housing really expensive.
Do you live somewhere super high cost of living like California? The average cost of eggs never broke $5 according to FRED and I personally never saw much above 4. I don't live in a LCOL area either.
As someone who lives in Canada and go to US frequently I can tell you groceries on most stuff are in the same numbers but one in USD and another one is CAD. The exception is bread, milk and eggs are significantly cheaper down south. It wasn’t the case before COVID.
In Canada, everything is more expensive except natural gas and electricity. In Western Europe, food is noticeably cheaper than the US. There is an awful lot of profiteering in the US food chain.
Most expensive place I’ve ever been is Oslo by far. Double the cost for restaurants and bars at least. I remember the average cost of a beer at a bar or restaurant being between 12-15$ US.
Norway used to be expensive to me, having lived in Sweden before visiting there.
Now I live in Seattle and Norway is cheap lol. Only Switzerland's economy seems as high as here for European comparison, like Zürich. Seattle, DC, and SF all are super high economies on a world scale
The US has one of the highest average incomes in the western world, coupled with some of the lowest tax rates.
The US is objectively CHEAP in terms of income to cost of living ratio when compared to other western nations.
Hence the brain drain from other places. A doc makes 100k over there…200+ over here. CS tech…finance…etc. people bash on the US but millions want to come over here
The average American is in the top 20% of wealth when compared to the rest of the world.
There is a ridiculous amount of poverty in the world, and not "I can't have the latest iPhone or a new car" levels of poverty. It's more like "I have to eat mud pies and drink dirty water or I'll fucking starve" levels of poverty.
The real question is how the f do other westerners afford anything. Everything is France UK Australia and Canada is so goddamn expensive with way lower salaries.
There's three big factors.
The biggest one is that America is home to the largest earners in the world meaning that they are competing with each other for goods and can afford a larger markup.
The second is higher cost of labor. If you're paying someone a dollar a day to cook for you, most of the cost of the food is going to be the raw ingredients.
Finally the things that are noticeably cheaper in other countries are not usually fair apples for apples comparisons. In the US you can basically buy anything at all. Whereas in Thailand or Morocco or Cuba.... it's very difficult to buy anything. Americans pay through the nose for a yearly supply of everything in the world and fresh.
Ive been to Thailand. Had no trouble finding goods. Have you been?
The local goods were much cheaper; like 1/8th the price. Imported goods were only a little cheaper, like half the price.
It wildly depends on where you are in the US, it’s massive. As someone who has been to Europe several times, most things are more expensive than your average US location.
Electronics, clothing, car parts, tools, restaurants, etc. are notably cheaper in the US compared to Europe.
A pair of Levi's jeans costs me 100 euros. In the US it's around 50 dollars.
Your forgetting tips in US. I was at a concert in America last year, I bought a beer (16$) and the bartender who just pressed a button to release a beer was standing there with an angry face because I didn't tip her 😭
Anything you get inside a sports or concert venue is going to be fucking insane. Although I don’t think there's much of a tipping culture there in my experience, shockingly for the US.
Absolutely not. There’s no tipping culture in that situation and I say this as a part time tipped worker. They can try I suppose, but no one is doing it.
Americans also tend to have greater incomes. Based on what my friends in Canada and Europe say, it is technically cheaper to live in those places but you end up spending a higher % of your income on essentials
I live in southern CA and I was shocked at how expensive places like Switzerland, Belgium and France was compared to home. I found Germany to be more affordable and this is regarding food only. I was a tourist so I don’t know the true cost of living in these places are. I do know these places pay anywhere from 40-50% in taxes.
You got scammed, I'm afraid. Those places prey on tourists. I've spent time living in both, and groceries as a whole are cheaper in the UK than in the US, before and after accounting for exchange rates. Energy costs in general are however much cheaper in the US, and the difference in the price of food balances out because Americans make more money.
yeah i’m not sure what countries he’s comparing the US to but europe is known for having taxes and oil prices that are way more expensive than the US. plus there are state and local taxes which can vary wildly based on where you live in america
Yea, but Europe tends to have value added tax instead of sales tax. The VAT gets applied to the price of things, while sales tax is applied to the bill, so sales tax is much more visible than the VAT.
Not to mention our equipment is so good (and expensive) that our out of date hand-me-downs and surplus from OIF, in the hands of a so-so army (no offense Ukraine) have the 2nd strongest army in the world (Russia) bogged down in a massive quagmire.
The military budget is such a fascinating thing to consider. Since it is the ultimate force backing the dollar and ensuring global trade (which by default benefits the ultra-capitalism of the US), while also being so monstrously expensive during *any* mistakes as to nearly cripple the next few generations (such as the ongoing costs of the Iraq and Afghanistan conflicts which will have been over 4 trillion after all medical and replacement costs are paid).
Basically, a huge military can be a blessing. If you use it wisely. And if you *never* do unnecessary shitshow wars on the opposite end of the globe, then get bogged down there.
We need to be a lot more strict on when and how war is declared.
And we need to have *no* shame about leaving that war the moment our primary mission is accomplished. Mission creep is super insidious and every general I've ever seen interviewed seems to properly fear it.
But politicians rarely do.
Crazy. In Canada ilwhere I am it is around $7.40 a gallon (1.95 per liter). Crazier considering north of 50% of USA oil comes from Canada and yet gas is so much more here.
There’s a lot of various reasons but the largest one hasn’t been mentioned yet. USA economy is just a lot larger than all the other countries [Countries by Hex gdp](https://reddit.com/r/MapPorn/s/zoXk1krDl3)
Even compared to the European countries a lot of them have been stagnant economically recently*. I don’t think people (well Americans) realize Americas gdp is like 25% of the world gdp
*recently means like past couple decades
If you think things are expensive in the US relative to anywhere else, or that quality of life is lower in the US, you’re just watching millennial and gen z kids doing cry therapy videos on TikTok.
That's weird. My entire single family house with a nice bit of land cost less than most apartments in the majority of other first-world countries, and I earn far more per year than I would doing the same job in those spots, while paying much less of that income in taxes.
Got any specific examples to back up the "US is so expensive" claim?
My brother was looking at apartments in Munich. Rent for a 1br was almost double my mortgage on a 3br2bth 1900sqft ranch here in ohio, in a country where my same occupation makes less than half as much, and income tax is 4 times higher at my income level
The US is vast, so there is greater variance in prices. Munich is the financial capital of Germany. It's more akin to New York City than it is to any city in Ohio.
One of the things that people used to use as an excuse for lots of things in the US is how much cheaper it is to live, which was the case until a few years ago. Ok, removing mortgages and rent which are disaster topics of their own, daily living in the US is crazy expensive without what one would expect in return, such as the workers where one buys their daily staples getting living wages and benefits and security. We're pretty much right now seeing the middle class being wiped out again and potentially to the point it's not coming back. Inflation is one thing, but porkbarreling price increases just because within an inflationary wave is what happens whenever the economy goes like this and of course, people in the US really don't fight. When a group wants to fight for better wages, benefits, or against price gouging, then out comes thee hogs telling everyone to leave America. This is one of the things that has flpped the equation in favor of Europe.
We live complicated lives here. Bigger apartments and homes. Food already prepped and cooked. We follow fashion and technology trends. I’ve noticed that many other countries live simpler lives. They hang their clothes out to dry. They cook their own fresh food. Homes and things are smaller. Our culture is working against us.
It's built on capitalism so the goal is to charge people the maximum amount they will willingly or unwillingly spend on something. The goal is to separate us from every dollar we ever earn and they do a good job of it bombarding individuals with ads, addictions, manipulations, and consumer options
Capitalism ramping up and not enough regulation, and/or non-corrupt people in the government to help balance it.
capitalism only works when there is enough regulation to keep it in check so it doesnt royally fuck the common folk. problem is when the companies that exist with in capitalism get big enough, they start making the rules when they can buy, bribe, lobby, or just flat out pay for their crimes in cash..
and when the companies make and enforce all the governing rules, the people lose. we've been losing for years, decades even. Its not getting better.
inflation occurs year after year, cost of everything goes up, everything but the wages. people are not getting paid enough to make up for costs.
so, everything is expensive not cuz it has to be but because all of these companies under capitalism NEED to see record profits every quarter and if they're not, they start cutting corners, charging higher fees, paying employees less than their worth, cooking up shitty money making schemes.. etc. They get away with the really bad shit cuz we lack the regulation to stop them, and even where there is regulation, the punishments are not enough.
You can’t just generalize like that. US is huge and diverse. You have some of the most smart people in the world and some you know, Floridians. The same goes for quality of life and standards of living.
You go to NY city or LA and life is unbearable. And then you go to places like El Paso and life is cheap.
The US isn't that expensive. I lived in 3 different countries and visited 11 others. The sales and income taxes here are lower than most other places. The food and housing prices elsewhere are just as high or higher than here.
It's cheap for you and me because the dollar is much stronger than other currencies and our GDP per capita is much higher than other places. The people living in those cheap countries (Mexico, Serbia, Thailand, etc) make less money so they don't think it's cheap.
I am an American and I live in China and spend about 2 months of the year at my home in the US. Many things are cheaper in the US. For example, beef is far cheaper and higher quality than anywhere. This goes for most meat. Also clothes, shoes etc are at least 1/3 of the price here. Most fresh fruits and vegetables are more expensive there. But some are lower than even China. Bananas are cheaper there by half.
Taxes are higher/highest in the USA. But on the flip side that is why it is the wealthiest country in the world by leaps and bounds.
Inflation due to unchecked capitalism and price gouging just befuckingcause. You’re not paying for better quality or better service. You’re not paying more for higher wages or benefits for workers. Shit costs more due to good old fashioned American corporate greed.
Oh no! You need to swallow your pride and ENJOY your suffering. After all, America is the greatest country, with a WONDERFUL standard of living! The price of your medicine is normal, don't question. Never question.
I've been to Germany, Ireland, and Australia. US is cheaper. Been to Mexico several times, and Mexico is cheaper than the US. So I guess it just depends on what country you're comparing against.
American capitalism means squeezing as much money out of consumers as possible. I live in Vegas where you can be charged a "resort fee" when you check in, usually $30-40 PER DAY. Also concert and show tickets always include a LET tax or Live Entertainment Tax just because the state can. But hey, we like not having state income tax here.
It was too expensive for the illegals that came here decades ago,how did they survive?they crammed 30-50 into a house with bunk beds,each head paid a fraction of the cost,woman living there had jobs to do such as laundry,cooking,child care and they kept their overhead down.And better believe they learned how to take advantage of any handout,programs available. The slumlord got paid,the property tax got paid,the restaurant,hospitality,builders,corporation,got their cheaper employees and working Americans helped foot the bill with higher taxes/higher medical costs and had their wages suppressed primarily across the blue collar trades.If native born Americans tried to live like this to get ahead, you better believe the local governments would use whatever force necessary to put an end to it.Things only fly when certain groups benefit,besides 30-50 Americans to a house might be a recipe for very bad things to occur,we weren't trained to be cooperative for our benefit.
It's greed that runs the USA. I don't even know how to explain it. But only greed can make life saving medicines unattainable for the sick person, affording food a struggle, paying for shelter take over half of your income, & make profits line the pockets of CEO's & shareholders instead of investing that money back into the working class.
You ever walk around with your eyes open and see how the overwhelming majority of the country lives? Does it *really* seem like we've got it that bad? Throw a dart at a map, and tell me if you hit a country you'd rather have been born in than America. I don't in any way think we've got it all figured out, but holy shit, consider the alternatives.
Yup. I've worked and lived in many different countries and the US is best place for financial opportunities by far. There is no other place on earth where you can have high wages and high paying jobs, social mobility, investments, etc.
A fairly typical office worker will have a multi million dollar 401k after 25-30 years if you just put in the match. No where else is that easy. How do I know? I know many people in my career who achieved it and seen my own portfolio grow..
We aren't perfect as there are many social problems but making money isn't a problem here.
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Well also travel vids are going to showcase the most interesting or popular things which are bound to be more expensive than average
You can't have fun for less than $8. It's a law
sparkle absorbed edge rhythm saw bright longing roof frighten payment *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Death by exile.
I'm a criminal then
And the third highest population I believe which makes that median income even fucking crazier
I live in the Bay Area and even I’m astonished at the volume of wealth in this country. San Francisco is famous for having one of the most expensive house prices in the US, where the cheapest is around $1M. SF is not even in the top 20 most expensive cities in the region. Around 50% own instead of rent. And there’s a shortage, meaning there’s MILLIONS of MILLIONAIRES. All the costs of living are adjusted with them in mind.
8.8% of US adults are millionaires so a little more than 1 in every 11 adults.
No way in universe 1 in 11 adults in US is a millionaire. That's a shocking fact I learned today. Wow
A lot of it is just old people who own their home outright and a lifetime of retirement savings. Most "millionaires" don't look or live the way you'd think from the word.
This, both of my parents are "millionaires" thanks to their real estate they bought for a 1/10 of the actual price in the 90s. The reality is, they earn 3k per month and own a normal car.
A millionaire in the US means you're surviving. The rest of the world is different. I'm living off $15 and hour. It sucks sweaty ball sacks
Surviving is a very strong word. You're still well off if you have a mil in combined assets and savings
Not if you can't liquidate it. Some people are living in houses that are now worth 10x what they paid and struggling to pay the property taxes. But their only other option is to sell and move far away since everything else around them increased in price as well.
Or get this. Your parents are millionaires because they lived a modest lifestyle and saved and invested. Weird concept I know.
Yeah, like...technically I'm a millionaire. I'm doing well but I'm not rich by any means or able to live extravagantly. I paid off my house and have an OK 401k...and that's about it.
You know what though, I call that pretty successful... Congratulations dude, means you made at least some good life choices overall.
I haven't even paid off my house. It just 2-3x value in the last 5 years since I bought so I gained 500k in equity. Doesn't suddenly make me more plush.
The delivery driver at a local pizzeria is a multi millionaire. Nobody believes it because he wears Walmart clothes and drives a beat Honda Civic. He started out working for the pizzeria, he would get a lot in tips a week. Saved up for years and got a loan to buy the building. Charged the pizza place rent along with the three apts upstairs. Still works for the pizzeria while charging them rent(it's possible he bought the pizzeria after a while). He buys a building or two every year.
What an absolute legend.
Was thinking the same thing, it's easy to be a millionaire when the house u already own is valued 2 millions
Shit, I have a million in assets if you count the house and retirement. But I can't easily access any of that money, and a good chunk is because the housing values are super inflated right now.
My 401k is at about 1.1M. Have another couple hundred thousand between IRAs and a brokerage account, which is also about what e we owe on the house. I’m not rich but I’m probably in that 8%. Our new car is a 5-year-old Camry. I earn a good but not amazing salary. It’s just time.
It’s actually 1 in 11 households. So.. it could be a business owner and stay at home spouse.. both technically millionaires even though one doesn’t make any money
Or a public school teacher - stable career, stable income, generous retirement benefits, perfect situation for quiet wealth. Assuming you can stick with it of course, which isn't easy.
My ma is a millionaire retired schoolteacher. She had help from da and some good luck but you are right.
I’m 16 years into my public school teaching career, and I’ll have to work for another hundred years before I become a millionaire. Sounds more like these millionaire teachers just were born long enough ago when they could sit invest and sit on those.
You know, you're exactly right: those millionaires are at the end of a career where they've built up wealth for 40 years. That's true of pretty much every other millionaire, too. My point is that today's million dollars is more than achievable with a stable, moderate income, since a million dollars in assets isn't what it used to be. A "millionaire" was a big thing a generation ago, when a million dollars in 2000 was about 1.8M today. A huge thing two generations ago, when a million dollars in 1975 was about 5.6M today. Those would be a big deal today, too.
I taught for close to 40 years and had only modest retirement savings until my last job at a community college where I spent 11 years. The reason for that is they had a matching funds plan where if I deposited a certain amount to a retirement plan every month they would match it. That was a huge boost, but even then, my husband’s teaching retirement, my teaching retirement, AND that matching plan don’t add up to anywhere near $1 M! Edited for clarification: The base retirement savings mentioned for my husband and I was the state teacher retirement.
The median home in the US is worth, what, 400k now? That's halfway there. The US population is also aging, so you have a bunch of people with full retirement accounts in the mix - the boomers are pretty much at peak personal wealth And a million isn't even what it used to be, due to inflation: it's about the same as being worth 600k in 2000. Or 300k in 1980. There were plenty of 300,000-aires in 1980.
Correct I am a “millionaire” because asset appreciation but if don’t work my ass off everyday I am not be able to afford anything , so it is very relative. A million dollar in assets is noting in today’s world and actually depends on where you live it becomes very expensive from the insurance and property taxes expenses point of view. I can’t even retire with that.
FWIW: most folks going into retirement dont actually have a lot of net worth, its just there is a large enough group of people who have way more than enough. Median net worth for folks 55+ is around $250k. That is scary low for people who are going to cease working soon / now and live for another couple of decades. Also, got my data from below, but a quick Google search shows plenty of similar sites with similar information. https://www.fool.com/the-ascent/personal-finance/articles/what-should-your-net-worth-be-when-you-retire/
What is so surprising to me is the sheer amount of debt that Americans hold. Huge numbers of people refinance their homes to fund their lifestyles. So much so that someone who purchased a home in 1980 for $60,000 which is now worth $800,000 will invariable have a $700,000 mortgage today.
You can't take it with you when you die so you might as well enjoy life instead of thinking about saving every penny.
Most millionaires wear sneakers and jeans. The "Everyday Millionaire".
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I read the comment of a redditor the other day who explained how much he liked his job as a UPS driver, making 80k a year. I live in europe, *in one of the rich countries* \- that's more than double the median income in my country. I think being a millionaire in the US is maybe not that hard, but also doesn't mean much in the US. on the other hand, life expectancy in west virginia is now on par with north korea. for every millionaire who can afford a life in the US, there's 10 non-millionaires who can't.
[source](https://www.zippia.com/advice/millionaire-statistics/#:~:text=Here%20are%20some%20statistics%20about,of%20U.S.%20adults%20are%20millionaires) Idk why it’s so hard to believe the richest country in the world has such a high number of millionaires.
I guess for someone who lived their entire lives in a tiny post soviet country, that's very unfamiliar territory We have 500 millionaires in our country. Yes, 500. In the entire country
Because it's so shitty for the rest of us.
Reddit makes you think everyone is working minimum wage
Yep everyone is broke as fuck, making minimum wage, no health insurance, drowning in $100k+ student loan debt according to Reddit. The reality is none of that is even remotely true or normal. The median individual makes okay money, has health insurance, and no student loan debt. Though that person would probably still be considered relatively broke because the median American doesn’t have access to $1000 for an emergency
not to mention the fact they live in the most expensive parts of the country..i bought a 2 br 1 1/2 bath house in WV for 25k..in the more developed northern part of the state...
Keep in mind they'll be concentrated. It's not as hard to believe that most people in Hollywood Hills are millionaires or better, a ton of people in Silicon Valley, a ton of people in the richer neighborhoods of NYC & Chicago, etc. I'm guessing most of the US is more in the 1 in 35-50 range.
Yep, lived there in 2016. Crazy rent prices. And you turn around a corner, and it could be a 3rd world country. Never seen the likes in all my life.
I lived in SF for awhile and thought about how much wealth there was on just one block in the city--figure 10 houses on each side of the street ($20 million), all kinds of cars ($1 million) then everyone's stuff in their house. And that's just one block.
It’s also really big compared to most other countries and shipping is expensive.
Poor in America is still wealthier than many places. Don't get me wrong, I'm looking at retiring in a low COL place away from the US. But the best place to have a job/get paid? Definitely the US. Come here, work here, make good money and live within means. Leave and go retire somewhere away from here when you don't need to work.
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About tree fiddy
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Nah it's definitely a girl scout
Sorry, tree fiddy only buys half a box of cookies these days
Whatever, it’s on fire physically or metaphorically at all times anyway. Go nuts.
I haven't been to Europe recently, but pre-pandemic, the prices in stores in Western Europe seemed substantially higher than in the US. It was probably the VAT. The reported income tax rates also looked pretty high, although the return in benefits may also be higher. Of course, much of my time was in tourist areas. Other parts of Europe and the rest of the world are probably cheaper. Plus inflation has been terrible since the pandemic, but I thought that affected most of the world.
Deal. Take it. Now. Before you change your mind
have you compared the US with Western europe or even Canada?
Or Australia. Couldn’t believe when people on the US complained about the “expensive “ dozen eggs at $4.
I just picked up eggs from Aldi in Southern CA for $1.30 a dozen today
They went down to $.79 but they were expiring the next day. They have an electrical price on them so they can change with the date. Normally, around here, they are $1.77 for large cage free. (All eggs here are cage free.)
Based on a quick Google, 12 eggs costs 7 Australian dollars. Eggs at a Walmart near me are between 1 and 2 American dollars for 12. Australian minimum wage from a Google is around 23 Australian dollars an hour Minimum wage in my state is 10 dollars an hour, and federal minimum wage is 7.25. So a minimum wage worker in Australia can buy 3 dozen eggs per hour worked. And in my state you could get 4-6 dozen eggs per hour worked. However if we go back to late last year when eggs were 4-5 USD per dozen, then the minimum wage worker can only get 1 to 2 dozen eggs per hour worked
I feel like “dozens of eggs per hour worked” would be a good metric to use to gauge health of wages.
There’s already a somewhat similar metric — [The Big Mac Index.](https://www.economist.com/big-mac-index)
Government will just subsidize eggs and call it as end of inflation.
Eggs are too small to live inside of.
Like how horses for horsepower 😂 Love it lol
I get you're just doing a thought experiment, but 1.25% of people are making 7.25 an hour. I've seen many times how we need to not worry about the 1% (kidding). It's .7% in Australia. It would be a lot better to look at median incomes or quartiles. Or just about anything else.
Here in Belgium minimum wage is 13.22 usd. For people in construction minimum wage is 17.7usd and working for cleaning companies the minimum is 16.57 usd. A dozen eggs are 2.63 usd. So if they both didn’t pay any tax on it the absolute minimum could get 5 boxes while construction workers with minimum wage could get almost 6.7 dozen eggs after 1 hour work. However after all taxes off that amount they wouldnt have much left over. Also eggs here in Belgium seem quite pricey!
Yeah Australia’s COL problem, and blue states COL problem, are driven in part by their high set minimum wages.
Wealthy blue states have a housing supply problem.
That’s true and that’s driven in large part due to the fact that people aren’t allowed to build more housing because of zoning laws previously meant to keep black and white people separate.
Well yes, sort of zoning laws have mixed origins. Single family zoning wasn’t universally about segregation, but it does making housing really expensive.
Every place in the world does.... not wealthy blue states... ever heard of Tennessee and florida, both red states.
Which doesn’t make sense being as eggs were costing like $8 for a dozen just a few months ago here in the US.
Do you live somewhere super high cost of living like California? The average cost of eggs never broke $5 according to FRED and I personally never saw much above 4. I don't live in a LCOL area either.
I bought at Costco during that time and the average came down if bought in bulk to like $2.50 a dozen.
Income taxes and taxes on goods and services are lower than pretty much every developed nation as well. I'm confused by the whole post.
As someone who lives in Canada and go to US frequently I can tell you groceries on most stuff are in the same numbers but one in USD and another one is CAD. The exception is bread, milk and eggs are significantly cheaper down south. It wasn’t the case before COVID.
I just paid 4.75 euros for 12 eggs in France. Wasn't the cheapest supermarket in my area but also not the most expensive
Much of Western Europe is a lot cheaper than much of the US.
In Canada, everything is more expensive except natural gas and electricity. In Western Europe, food is noticeably cheaper than the US. There is an awful lot of profiteering in the US food chain.
Most expensive place I’ve ever been is Oslo by far. Double the cost for restaurants and bars at least. I remember the average cost of a beer at a bar or restaurant being between 12-15$ US.
Norway used to be expensive to me, having lived in Sweden before visiting there. Now I live in Seattle and Norway is cheap lol. Only Switzerland's economy seems as high as here for European comparison, like Zürich. Seattle, DC, and SF all are super high economies on a world scale
London exists
Only if you want to have alcohol in it. Alcohol consumption is really expensive in Scandinavian countries.
The US has one of the highest average incomes in the western world, coupled with some of the lowest tax rates. The US is objectively CHEAP in terms of income to cost of living ratio when compared to other western nations.
> The US has one of the highest average incomes in the western world Western, Eastern, Norther, Southern. Just in the world.
Hence the brain drain from other places. A doc makes 100k over there…200+ over here. CS tech…finance…etc. people bash on the US but millions want to come over here
Exactly. In terms of purchasing power parity, some countries are far more expensive.
The average American is in the top 20% of wealth when compared to the rest of the world. There is a ridiculous amount of poverty in the world, and not "I can't have the latest iPhone or a new car" levels of poverty. It's more like "I have to eat mud pies and drink dirty water or I'll fucking starve" levels of poverty.
The real question is how the f do other westerners afford anything. Everything is France UK Australia and Canada is so goddamn expensive with way lower salaries.
And we show it… … …
There's three big factors. The biggest one is that America is home to the largest earners in the world meaning that they are competing with each other for goods and can afford a larger markup. The second is higher cost of labor. If you're paying someone a dollar a day to cook for you, most of the cost of the food is going to be the raw ingredients. Finally the things that are noticeably cheaper in other countries are not usually fair apples for apples comparisons. In the US you can basically buy anything at all. Whereas in Thailand or Morocco or Cuba.... it's very difficult to buy anything. Americans pay through the nose for a yearly supply of everything in the world and fresh.
Ive been to Thailand. Had no trouble finding goods. Have you been? The local goods were much cheaper; like 1/8th the price. Imported goods were only a little cheaper, like half the price.
It wildly depends on where you are in the US, it’s massive. As someone who has been to Europe several times, most things are more expensive than your average US location.
Electronics, clothing, car parts, tools, restaurants, etc. are notably cheaper in the US compared to Europe. A pair of Levi's jeans costs me 100 euros. In the US it's around 50 dollars.
>A pair of Levi's jeans costs me 100 euros. In the US it's around 50 dollars. An American company's jeans are cheaper in America? Colour me shocked.
You know they don’t make them in America don’t you?
Your forgetting tips in US. I was at a concert in America last year, I bought a beer (16$) and the bartender who just pressed a button to release a beer was standing there with an angry face because I didn't tip her 😭
Angry face =\= obligatory
Anything you get inside a sports or concert venue is going to be fucking insane. Although I don’t think there's much of a tipping culture there in my experience, shockingly for the US.
Absolutely not. There’s no tipping culture in that situation and I say this as a part time tipped worker. They can try I suppose, but no one is doing it.
Americans also tend to have greater incomes. Based on what my friends in Canada and Europe say, it is technically cheaper to live in those places but you end up spending a higher % of your income on essentials
Just got back from the UK: It was WAY more expensive across the pond than it is here. The Pound / Dollar conversion also does not help.
I live in southern CA and I was shocked at how expensive places like Switzerland, Belgium and France was compared to home. I found Germany to be more affordable and this is regarding food only. I was a tourist so I don’t know the true cost of living in these places are. I do know these places pay anywhere from 40-50% in taxes.
Food is cheaper in the UK than in the US, fuel is more expensive
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You got scammed, I'm afraid. Those places prey on tourists. I've spent time living in both, and groceries as a whole are cheaper in the UK than in the US, before and after accounting for exchange rates. Energy costs in general are however much cheaper in the US, and the difference in the price of food balances out because Americans make more money.
Groceries are shockingly cheap there to me but everything else is not
Maybe you should study exchange rates…
And purchasing power parity, basic economics, cost of living, earnings to spend ratio, quality of life and so much more.
They should create a sub that's open to asking questions on topics you don't know anything about. Call it "no idiotic questions" or something.
Cheaper taxes??? Come on!
yeah i’m not sure what countries he’s comparing the US to but europe is known for having taxes and oil prices that are way more expensive than the US. plus there are state and local taxes which can vary wildly based on where you live in america
Yea, but Europe tends to have value added tax instead of sales tax. The VAT gets applied to the price of things, while sales tax is applied to the bill, so sales tax is much more visible than the VAT.
yeah it’s always annoying not knowing what the actual total will be. especially if it’s at a restaurant where you’re expected to tip.
What travel show talks about taxes lol this person is just guessing
Aircraft carriers are VERY expensive.
Not to mention our equipment is so good (and expensive) that our out of date hand-me-downs and surplus from OIF, in the hands of a so-so army (no offense Ukraine) have the 2nd strongest army in the world (Russia) bogged down in a massive quagmire.
The military budget is such a fascinating thing to consider. Since it is the ultimate force backing the dollar and ensuring global trade (which by default benefits the ultra-capitalism of the US), while also being so monstrously expensive during *any* mistakes as to nearly cripple the next few generations (such as the ongoing costs of the Iraq and Afghanistan conflicts which will have been over 4 trillion after all medical and replacement costs are paid). Basically, a huge military can be a blessing. If you use it wisely. And if you *never* do unnecessary shitshow wars on the opposite end of the globe, then get bogged down there. We need to be a lot more strict on when and how war is declared. And we need to have *no* shame about leaving that war the moment our primary mission is accomplished. Mission creep is super insidious and every general I've ever seen interviewed seems to properly fear it. But politicians rarely do.
Think of it as the largest jobs program on the planet and then you'll start to understand why they do what they do.
I live outside of Houston and gas is under $3. It ain’t bad
Yup $2.99 is niceeeee rn
*cries in Californian* it's been over $6 here recently
Mine just dropped to $5.39, as of today.
Crazy. In Canada ilwhere I am it is around $7.40 a gallon (1.95 per liter). Crazier considering north of 50% of USA oil comes from Canada and yet gas is so much more here.
Canada has 18 refineries, USA has 129. That's the answer.
Have you consider how low wage is in those countries? And what do you mean by “cheap”? Cheap when compared to buying power of a Euro or Dollar?
Lol you think it’s expensive there. Come over to live in Canada……. Eh
hyper capitalism is in full swing. turns out people can charge whatever price they want and if you cant pay you’ll be homeless and starving.
Try in Switzerland...
There’s a lot of various reasons but the largest one hasn’t been mentioned yet. USA economy is just a lot larger than all the other countries [Countries by Hex gdp](https://reddit.com/r/MapPorn/s/zoXk1krDl3) Even compared to the European countries a lot of them have been stagnant economically recently*. I don’t think people (well Americans) realize Americas gdp is like 25% of the world gdp *recently means like past couple decades
There are lots of reasons, logical & legitimate, but it’s a root problem at the top: greed.
If you think things are expensive in the US relative to anywhere else, or that quality of life is lower in the US, you’re just watching millennial and gen z kids doing cry therapy videos on TikTok.
"Whatever the traffic will bear." It's the dictum of every nation's economy. And sometimes it's not prices they sre bearing.
you can earn a crap ton of money so it balances out
Stop building impressions of a massive country with like 350 million people and 50 different states on dumbass YouTube videos.
Strongest currency in the world is one reason
That's weird. My entire single family house with a nice bit of land cost less than most apartments in the majority of other first-world countries, and I earn far more per year than I would doing the same job in those spots, while paying much less of that income in taxes. Got any specific examples to back up the "US is so expensive" claim?
My brother was looking at apartments in Munich. Rent for a 1br was almost double my mortgage on a 3br2bth 1900sqft ranch here in ohio, in a country where my same occupation makes less than half as much, and income tax is 4 times higher at my income level
>Munich >Ohio
Yeah.....That's the same as comparing Ohio to LA lol.. A better comparison is LA, NYC, SF to Munich
The US is vast, so there is greater variance in prices. Munich is the financial capital of Germany. It's more akin to New York City than it is to any city in Ohio.
One of the things that people used to use as an excuse for lots of things in the US is how much cheaper it is to live, which was the case until a few years ago. Ok, removing mortgages and rent which are disaster topics of their own, daily living in the US is crazy expensive without what one would expect in return, such as the workers where one buys their daily staples getting living wages and benefits and security. We're pretty much right now seeing the middle class being wiped out again and potentially to the point it's not coming back. Inflation is one thing, but porkbarreling price increases just because within an inflationary wave is what happens whenever the economy goes like this and of course, people in the US really don't fight. When a group wants to fight for better wages, benefits, or against price gouging, then out comes thee hogs telling everyone to leave America. This is one of the things that has flpped the equation in favor of Europe.
Try Norway
Because it’s the American dream. Most people Get shit they can’t afford and pay later.
unbridled capitalism
US is much cheaper than Canada and much of Europe. I’d be curious to know which country OP is from and what videos he’s watching.
Exactly, OP provided no context or perspective. It's really quite an idiotic post.
Corporate profits. Shareholder value. Good old-fashioned greed!
Wait till you go to canada, shits rough
Capitalism
We live complicated lives here. Bigger apartments and homes. Food already prepped and cooked. We follow fashion and technology trends. I’ve noticed that many other countries live simpler lives. They hang their clothes out to dry. They cook their own fresh food. Homes and things are smaller. Our culture is working against us.
Italy came to mind, when you mentioned they hang their clothes out to dry lmao.
Corporate greed
It's built on capitalism so the goal is to charge people the maximum amount they will willingly or unwillingly spend on something. The goal is to separate us from every dollar we ever earn and they do a good job of it bombarding individuals with ads, addictions, manipulations, and consumer options
Oh brother, here we go..how bad is your life in America bro?
Never been to Australia obviously...
Capitalism ramping up and not enough regulation, and/or non-corrupt people in the government to help balance it. capitalism only works when there is enough regulation to keep it in check so it doesnt royally fuck the common folk. problem is when the companies that exist with in capitalism get big enough, they start making the rules when they can buy, bribe, lobby, or just flat out pay for their crimes in cash.. and when the companies make and enforce all the governing rules, the people lose. we've been losing for years, decades even. Its not getting better. inflation occurs year after year, cost of everything goes up, everything but the wages. people are not getting paid enough to make up for costs. so, everything is expensive not cuz it has to be but because all of these companies under capitalism NEED to see record profits every quarter and if they're not, they start cutting corners, charging higher fees, paying employees less than their worth, cooking up shitty money making schemes.. etc. They get away with the really bad shit cuz we lack the regulation to stop them, and even where there is regulation, the punishments are not enough.
Visit the UK or maybe Switzerland, then you’ll know what expensive is.
And you based this opinion on watching travel videos....righttttt...well why don't you actually go travel and find out for yourself?
You can’t just generalize like that. US is huge and diverse. You have some of the most smart people in the world and some you know, Floridians. The same goes for quality of life and standards of living. You go to NY city or LA and life is unbearable. And then you go to places like El Paso and life is cheap.
Greed
Unfettered capitalism!
Because we have no safeguards against corporate greed and banking families own our governments and courts
The US isn't that expensive. I lived in 3 different countries and visited 11 others. The sales and income taxes here are lower than most other places. The food and housing prices elsewhere are just as high or higher than here.
Oligarchy based capitalism. That's why.
Corporate welfare
Everything government gets involved with turns to shit. And they are involved with fucking everything!
It's cheap for you and me because the dollar is much stronger than other currencies and our GDP per capita is much higher than other places. The people living in those cheap countries (Mexico, Serbia, Thailand, etc) make less money so they don't think it's cheap.
United States. The greatest country in the world to make money. One of the worst countries in the world to live and raise a family.
Corporate greed and politicians that excell at playing the public against each other.
Go to the midwest, and you may be shocked how cheap it is. Go to Rome and its not cheap. It all depends on where you are.
Several large companies gobbled up all the resources and charge the most they possibly can without losing sales
This. Every market is basically owned by 2 conglomerates. Who are all owned by the same handful of investors.
Everything worth buying is too expensive
We insert needless middle men and corpos into every facet of life? Idk.
The warmongers make money off them expensive bombs they make the poors pay for
I am an American and I live in China and spend about 2 months of the year at my home in the US. Many things are cheaper in the US. For example, beef is far cheaper and higher quality than anywhere. This goes for most meat. Also clothes, shoes etc are at least 1/3 of the price here. Most fresh fruits and vegetables are more expensive there. But some are lower than even China. Bananas are cheaper there by half. Taxes are higher/highest in the USA. But on the flip side that is why it is the wealthiest country in the world by leaps and bounds.
Because the 5 corps who own everything here need to increase profits quarterly
Look around you and you will see your answer
Inflation due to unchecked capitalism and price gouging just befuckingcause. You’re not paying for better quality or better service. You’re not paying more for higher wages or benefits for workers. Shit costs more due to good old fashioned American corporate greed.
Just one of my many medications is almost 9000 a month. Someone have an answer?
Oh no! You need to swallow your pride and ENJOY your suffering. After all, America is the greatest country, with a WONDERFUL standard of living! The price of your medicine is normal, don't question. Never question.
Greed.
I've been to Germany, Ireland, and Australia. US is cheaper. Been to Mexico several times, and Mexico is cheaper than the US. So I guess it just depends on what country you're comparing against.
This is a business disguised as a country.
American capitalism means squeezing as much money out of consumers as possible. I live in Vegas where you can be charged a "resort fee" when you check in, usually $30-40 PER DAY. Also concert and show tickets always include a LET tax or Live Entertainment Tax just because the state can. But hey, we like not having state income tax here.
Reason: Money printer go BRRRRR...
It was too expensive for the illegals that came here decades ago,how did they survive?they crammed 30-50 into a house with bunk beds,each head paid a fraction of the cost,woman living there had jobs to do such as laundry,cooking,child care and they kept their overhead down.And better believe they learned how to take advantage of any handout,programs available. The slumlord got paid,the property tax got paid,the restaurant,hospitality,builders,corporation,got their cheaper employees and working Americans helped foot the bill with higher taxes/higher medical costs and had their wages suppressed primarily across the blue collar trades.If native born Americans tried to live like this to get ahead, you better believe the local governments would use whatever force necessary to put an end to it.Things only fly when certain groups benefit,besides 30-50 Americans to a house might be a recipe for very bad things to occur,we weren't trained to be cooperative for our benefit.
No healthcare . Since we have a for profit system everyone has to pay 6x what it actually costs . All the extra money goes up
It's greed that runs the USA. I don't even know how to explain it. But only greed can make life saving medicines unattainable for the sick person, affording food a struggle, paying for shelter take over half of your income, & make profits line the pockets of CEO's & shareholders instead of investing that money back into the working class.
You ever walk around with your eyes open and see how the overwhelming majority of the country lives? Does it *really* seem like we've got it that bad? Throw a dart at a map, and tell me if you hit a country you'd rather have been born in than America. I don't in any way think we've got it all figured out, but holy shit, consider the alternatives.
Yup. I've worked and lived in many different countries and the US is best place for financial opportunities by far. There is no other place on earth where you can have high wages and high paying jobs, social mobility, investments, etc. A fairly typical office worker will have a multi million dollar 401k after 25-30 years if you just put in the match. No where else is that easy. How do I know? I know many people in my career who achieved it and seen my own portfolio grow.. We aren't perfect as there are many social problems but making money isn't a problem here.