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I am in the top 1% richest ppl in the world
- Thread starter richardyu301
- Start date
Quote from Cutten:
$50k is rich if you live in a country with 3rd world living costs. If you live in Manhattan then it's a different story.
BTW, cost of living may actually be higher in some of the big cities in Asia...
Let me give u a few examples:
i) 1 kg of beef cost USD40-50 in Korea
ii) In Hongkong, a regular flat of ~60 sq meter costs USD450k (60 sq meter is just the construction area, actual usable area is just 40-45 sq meter)
iii) In Shenzhen/Shanghai/Beijing, a regular flat of ~60 sq meter costs ~USD200k
iv) if you belong to the middle class in Asia and would like to buy some foreign-brand electronic goods (TV, mobile, computer, etc), the prices there are actually >20% higher than in US
Things are cheap in general in most part of Asia. But if you happen to live in big cities, the cost of living is extremely high, both in absolute dollar terms and even more in %-of-income terms.
So what if people inherit the fruits of their parents/grandparents labor, their connections, their belongings etc. What do you wanna do about it?Quote from afuturetrader:
yes it's a sign of success, at least in the eyes of the majority of the world population specially women and specially those in capitalist states
from a capitalist (specially american) perspective since everyone has equal opportunity those who make more money are smarter and better than those who make less, capitalism disregards the influence of some aspects of life on ones wealth including; the family one is born into, it's wealth, the initial wealth one had for investment (like wealth that was inherited), the monopoly the inherited company has over the market, and connections one has to start with. As a side note, at world's current state, connections are far more important than ones wealth, though in reality they are interconnected.
Quote from afuturetrader:
yes it's a sign of success, at least in the eyes of the majority of the world population specially women and specially those in capitalist states
from a capitalist (specially american) perspective since everyone has equal opportunity those who make more money are smarter and better than those who make less, capitalism disregards the influence of some aspects of life on ones wealth including; the family one is born into, it's wealth, the initial wealth one had for investment (like wealth that was inherited), the monopoly the inherited company has over the market, and connections one has to start with. As a side note, at world's current state, connections are far more important than ones wealth, though in reality they are interconnected.
I can obviously see how wealth is a sign of success, but where I disagree with your analysis is when you mention that everyone has equal opportunities. We know this is not the case. Furthermore, those who make money are surely not smarter or better. Rather, they are those who took bigger risks in life (i.e. business owners) and beat the odds. While some skill is required, luck is a huge factor.
I agree with your connections and wealth idea, although I think wealth plays the primary role. The notion of connections though is essentially inherit in most economic models, not just capitalism. It is actually probably the least significant in the capitalist model (though still very important) because the goal in a free market is that the efficient workers be employed. That being said, IVY graduates get jobs not necessarily because of connections but because of their superior education. Obviously connections have a big influence, especially on Wall Street, but you could do without it with an IVY background.
In regards to the 1 million a year guy, he is just caught up in a materialistic world. He probably thinks he will be happier if he makes that much more and can flaunt his wealth even more to the point that he will stand out. I don't think this trait is inherintly based on capitalism, but rather on culture. In Germany for example, people want to hide their wealth. That's how it is throughout the world. America is too diverse, so you have people that flaunt and others that conceal their money. From my personal experience, I think people that grew up from lower social classes are the ones that want to show of their wealth most. Think about rappers lol that came from impoverished areas and how much they show off their material things. On the other hand, individuals that grew up in rich families are less expressive. They may wear Burberry and have coach bags, but it is likely for the quality of the products. You'll rarely see these people put rims on a car, or even buy a very expensive car in the first place if its not from the extra income generated by their investments.
Quote from afuturetrader:
from a capitalist (specially american) perspective since everyone has equal opportunity those who make more money are smarter and better than those who make less, capitalism disregards the influence of some aspects of life on ones wealth including; the family one is born into, it's wealth, the initial wealth one had for investment (like wealth that was inherited), the monopoly the inherited company has over the market, and connections one has to start with.
This has never been true and never will be. That's not how capitalism works or came about.
Quote from monty21:
Wow that guy sounds like he is a tool. Why do people want to flaunt their money so much? Is it a sign of success? I don't understand the logic of showing off your money and trying to stand out.
Because the guy has no sense of self. He sold it out, and his only sense of life has become money & image. Wall Street & NYC is full of these types, it's funny, yet a bit sad at the same time.
The movie Fight Club explores this psychological phenomena.
Quote from TraderZones:
exactly. An engineer making $15K in India lives like royalty. A person in the US making $15K is struggling mightily.
If y'all think the cost of living is so much lower elsewhere, why are you still here? You could take your skills and your family and your life savings and go to India to live the good life.
More to the point, why are there so many Indian people living and working in the US? They must have gotten tired of living like royalty, so they could come here and struggle with our miserable standard of living.
The truth is you guys have no freakin' clue how the rest of the world lives. Talk to some real live Indian people. Talk to some Eastern Europeans or Chinese or Middle Easterners. Go to their countries and see their lives for yourselves, then see if you come back and bitch and moan about the "challenges" of "just getting by" with your palatial wealth.
Martin