Most people here should fall in the middle category ($5-$25 mil)
Uh oh, not again…
Come on. Go read that article and analyze your position, then come back and report. Don’t make mindless comments.
Any articles that normalize net worth with local purchasing power e.g. net worth / purchasing power? It is possible, for example, a Thai with $100k can lead an equivalent lifestyle in Thailand, as a American HNWI in USA.
Actually, I think it would require more money in the 3rd World to lead the equivalent lifestyle of a millionaire in America. For example, it costs $60k to purchase a BMW 5-series in America. But it’s going to cost the equivalent of $100k to buy the same car in Thailand. So a US-dollar millionaire in Thailand is actually worse off than a US-dollar millionaire in America.
Service cost is the most important cost. How much does it cost to hire nanny’s and other high end services here? Tax cost is also much more expensive than a nanny.
How many nanny’s and how many drivers/chefs do you hire? That might be a norm for high networth people in 3rd world.
Rich people in US are having a life that’s very similar to a middle class life. That’s why I have said consistently that income gap and wealth gap is very small in US. It’s thousand times smaller than 200 years ago.
If wqj can’t afford hiring 5 full time household employees, it means that he is not as rich as a rich man in Thailand.
I think that wealth is a sin in US, but it’s a cherished thing in Thailand. Far left Manch will make your sin even worse over time
Um… you probably need your wife and your daughters to do those household employees’ work for you for free.