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Canada is richer than the US, according to a new wealth ranking

Discussion in 'The NF Café' started by Saishin, Nov 8, 2018.

  1. Saishin Hajimemashite

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    The United States than any other country in the world. But whether the country is truly the wealthiest in the world depends on how you measure.

    A report says the US is "in the lead" when it comes to global wealth. But a closer look at the numbers in that report reveals a different story.

    While it's true that wealth in the US is growing faster than anywhere else in the world, it's not the richest when you compare the average amount of wealth per adult.

    That prize goes to Switzerland, as you can see in the map below.

    Wait a minute, you may be thinking: it looks like the US is richer than Canada. So what's with the headline?

    The ranking above divides a country's overall wealth by the total population. That means it doesn't reflect the fact that .

    "The United States has the most members of the top 1% global wealth group, and currently accounts for 41% of the world's millionaires," notes. "Our research indicates that the United States added 878,000 new millionaires [since 2017] — representing around 40% of the global increase."

    A different, perhaps fairer, way to rank the richest countries in the world is to take a look at the countries where the greatest number of people are rich.

    Credit Suisse ran those numbers, too, in order to compare how much wealth the median, middle-of-the-pack person has in every country.

    In that ranking, Australians are the richest. And the US doesn't even make the top 10.

    The US has a median wealth of $61,667 per adult, which puts the country at number 18, well behind others, including Ireland ($72,473), Taiwan ($78,177), and Korea ($65,463). Canada, on the other hand, comes in at number six, with an average wealth of $106,342 per adult.

    Economists often point out the simple truth that having wealth makes it easier to get more wealth, which means those who have a lot of money .

    To adjust for that, economist Darrick Hamilton, a professor at The New School, recently proposed a kind of . His idea is to give all kids in the US a chunk of cash when they're born, ranging between $500 and $60,000 based on their family's wealth. That would help give all American kids a fair shot at a prosperous future, he said.

    "Wealth is the paramount indicator of economic security and well-being," Hamilton told a crowd at the TED Conferences headquarters in New York in September. "It is time to get beyond the false narrative that attributes inequalities to individual personal deficits while largely ignoring the advantages of wealth."

     
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  2. mr_shadow Minister of State Security Moderator

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    #5 Norway - Fucking oil barons. :pek

    #8 Denmark - Fucking beer barons. :pek
     
  3. ~Gesy~ Freshly drenched in coochie water

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    Basically, US is richer but Canadian wealth is better spread among citizens.
     
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  4. DonutKid Well-Known Member

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    I thought Switzerland would be the highest since it's so expensive there and it has the highest GNI per capita, high savings rate and current surpluses, as opposed to Australia. Guess Australians benefited from the property boom brought in by Chinese money. :zaru
     
  5. White Wolf

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    Christ.
     
  6. DonutKid Well-Known Member

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    Also dat disparity in the US.

    US mean: $400K
    US median: $60K


    Most other countries in the list have a mean/median ratio of around 2-3. But the US is being exceptional here again with a ratio of more than 6. :murika

    Inb4 more tax cuts for the rich to help the poor because they create jobs.
     
  7. Mider T Busting in and out of guts

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    This.
     
  8. Jim Normal Person

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    I'd also rather have a "poorer" country if it meant it was distributed better.
     
  9. wibisana still newbie

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    GINI lives matter
     
  10. ~Gesy~ Freshly drenched in coochie water

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    I mean..it depends...if you have no creative talent or business acumen then sure...but if you do..you'll get the biggest reward here.
     
  11. mr_shadow Minister of State Security Moderator

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    G20 countries by GDP/capita

    1. United States $59,000
    2. Australia $55,000

    3. Canada $45,000
    4. Germany $44,000

    5. France $39,000
    6. United Kingdom $39,000
    7. Japan $38,000
    8. Italy $31,000

    9. South Korea $29,000
    10. Spain $28,000
    11. Saudi Arabia $21, 000

    12. Argentina $14,000
    13. Russia $10,000
    14. Turkey $10,000
    15. Brazil $10,000

    16. Mexico $9000
    17. China $8000
    18. South Africa $6000
    19. Indonesia $3000
    20. India $1000
     
    Last edited: Nov 8, 2018
  12. makeoutparadise I will have my revenge

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    But there are NOOOO cats in America!!!!
     
  13. Undertaker elect the dead

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    FFFFFF :argh

    wtf? :wha
     
  14. Mider T Busting in and out of guts

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    :oldryoma

    How long before Nigeria and Ghana?
     
  15. mr_shadow Minister of State Security Moderator

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    My main concern is that the IMF estimates the PRC will breach $10,000 in 2019.
     
  16. Darkmatter Lion's Sin of Pride

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    Sounds like a lovely kingdom. Wonder why they call it Untied tho. :thunk
     
  17. mr_shadow Minister of State Security Moderator

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    Because it won't be United after Northern Ireland leaves.
     
  18. Darkmatter Lion's Sin of Pride

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    If they ever leave. :hm
     
  19. wibisana still newbie

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    Ultra rich person and companies
     
  20. Undertaker elect the dead

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    But still Germany Median so low compared to France and UK. Germans be jelly? :reich
     
  21. Sherlōck High Functioning Sociopath

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    This list looks outdated.
     
  22. wibisana still newbie

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    I blame muslim (and or Immigrant)
    -Junta
     
  23. mr_shadow Minister of State Security Moderator

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    I rounded all figures downwards to the nearest thousand. India's actual GDP/capita is $1976, and they're forecast to reach $2016 this year.

    So yeah, maybe I kind of fucked them with my rounding algorithm, but at least everyone is understated to some degree, and India will get rectified to $2000 starting with the next IMF dataset. :zaru
     
  24. DonutKid Well-Known Member

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    They don't own property.


    29:07

    Seems like the strength of the German economy didn't sufficiently translate to higher income/wealth? :hm

    They get cheap or free education/healthcare at least I guess.
     
  25. makeoutparadise I will have my revenge

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    But socialism bad! Orange man good!
     
  26. Le Male Absolu Well-Known Member

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    Wait a minute....this news wasn't post by @Detective?
     
  27. wibisana still newbie

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    Busy smoking pot
     
  28. Huey Freeman The Gent

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    To quote the Late great Macho Man Randy Savage:



    In closing :


     
  29. Blue Well-Known Member Supporting Staff Retired Staff

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    Correct. Notice how much wealthier even the US median is compared to socialist countries.

    As for why the US median is so low, it's a bit more complicated than "rich people take it all" although that's not completely wrong. But I don't suppose anyone is actually interested in the real reasons. Suffice it to say Americans don't earn less money than anyone else. They just don't (can't, sometimes) keep it.
     
  30. makeoutparadise I will have my revenge

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    Idk that wealth hasnt bought us a better helthcare, prison or eduction system.
    Canada and western eruope dont seem to have the highest incarceration rate, they dont have teachers that need to work two other jobs outside school to keep their heads above water
    People in europe arent going bankrupt from healthcare either
     
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