The typical Chinese adult is now richer than the typical European adult, a new wealth report finds

[jhungary]

Good luck with your credit card debt dude. Yikes.

I don't have credit card debt......I dipped into my family business earning, haven't taken a single cent out for over 20 years, and the record is broken because of COVID....

Tried telling her to stop buying shoes and spending $500 on her highlight but no dice. She go thru her Louboutin like I went thru 9mm rounds on gun range.......She brought a pair like every 3 months. Then she also have Jimmy Choo and Gucci shoes...

 

[tower9]

I don't have credit card debt......I dipped into my family business earning, haven't taken a single cent out for over 20 years, and the record is broken because of COVID....

Tried telling her to stop buying shoes and spending $500 on her highlight but no dice. She go thru her Louboutin like I went thru 9mm rounds on gun range.......She brought a pair like every 3 months. Then she also have Jimmy Choo and Gucci shoes...

Good luck bro

 

[jhungary]

Good luck bro

What for?? I just don't want to work for a while. May pick up another employment next year. Already had something line up. But right now I just don't feel like working.

And it's her money, I don't have control how she spends her own money. As long as she pays half of the mortgage. I really don't care how she spend the rest lol...I just don't understand why she keep buying them expensive shoes and then complain about them, about how uncomfortable to wear them. I mean, if that make you uncomfortable, the stop buying them.....

 

[FairAndUnbiased]

Hey is Xi jinping under house arrest.

Yes. However due to Chinese concept of face, Xi Jinping will outwardly be granted a 3rd term, keep all his titles and may appear to still be the national leader. He will totally be a puppet of the PLA though.

When everything looks normal on TV, you'll see I'm right.

 

[Mista]

Numbers are also skewed for China because there is a massive gap between the older generations and the younger, well educated youth who are basically living in developed world conditions.

The educated youths may have greater earning power but not necessarily greater net worth than the older generations.

The average apartment in the first-tier cities cost ~$1mil, and the majority are owned by the older generations who bought them at dirt cheap prices decades ago. The average youths in these cities don't have such net worth unless they inherit it.

Almost all young people I meet from Western Europe are just getting by while young people from China have money to invest or start businesses. There is no way China will stay poorer than western Europe, it’s inconceivable.

Maybe that's selective bias. Have you thought that the Western Europeans you meet are average youths in their country while the Chinese you meet are probably the top ~20% youths living in the developed cities in China? Like the Indians you see here are probably much better off than most of their countrymen because they have access to the internet and are well-educated in English. The Indonesians I meet here in Singapore are very rich but I know they are not representative of the population.

If you really want to compare their youths, it's still to better to rely on statistics like starting salary, youth unemployment, and cost of living rather than relying on anecdotes.

 

[tower9]

The educated youths may have greater earning power but not necessarily greater net worth than the older generations.

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The average apartment in the first-tier cities cost ~$1mil, and the majority are owned by the older generations who bought them at dirt cheap prices decades ago. The average youths in these cities don't have such net worth unless they inherit it.



Maybe that's selective bias. Have you thought that the Western Europeans you meet are average youths in their country while the Chinese you meet are probably the top ~20% youths living in the developed cities in China? Like the Indians you see here are probably much better off than most of their countrymen because they have access to the internet and are well-educated in English. The Indonesians I meet here in Singapore are very rich but I know they are not representative of the population.

If you really want to compare their youths, it's still to better to rely on statistics like starting salary, youth unemployment, and cost of living rather than relying on anecdotes.

Maybe but I have also spent time in China and I know for a fact that the youth there are just far more fiscally responsible and business focused than Europeans are. I’ve been to both places plenty of times.

 

[jhungary]

Maybe but I have also spent time in China and I know for a fact that the youth there are just far more fiscally responsible and business focused than Europeans are. I’ve been to both places plenty of times.

People don't start business or invest does not mean they are not well off.

I never start any business nor invest (My family did) that does not mean I am not brough up from a middle to upper class society. It's depending on how people see thing. I see investment and business as "adventure" and therefore risky so I wouldn't touch it with a ten-foot pole. And before you say it, I don't see trading Commodity as an "Investment", it's more like a business exercise like a way to test my analytic skill. Investment for me is like I put money on a company or invest in marginal trading or stuff that I am not familiar of. Same with Business, I mean I can probably start a Think Tank or analytic company, because that is what I do. But the rest I wouldn't touch.

Average European youth are quite rich (I meant Western Europe) but they are probably more enjoying aspect of life than trying to work from their young age, you can literally see how much different between European and Asian by the Working Holiday Visa in Australia, most European are working to support their travel, sometime don't work at all and they just want a 1 year visa to visit Australia instead of the normal 90 days. But Asian on Working Holiday seldom do that, they really do work the whole way, maybe with 1 or twice travel.

 

[tower9]

People don't start business or invest does not mean they are not well off.

I never start any business nor invest (My family did) that does not mean I am not brough up from a middle to upper class society. It's depending on how people see thing. I see investment and business as "adventure" and therefore risky so I wouldn't touch it with a ten-foot pole. And before you say it, I don't see trading Commodity as an "Investment", it's more like a business exercise like a way to test my analytic skill. Investment for me is like I put money on a company or invest in marginal trading or stuff that I am not familiar of. Same with Business, I mean I can probably start a Think Tank or analytic company, because that is what I do. But the rest I wouldn't touch.

Average European youth are quite rich (I meant Western Europe) but they are probably more enjoying aspect of life than trying to work from their young age, you can literally see how much different between European and Asian by the Working Holiday Visa in Australia, most European are working to support their travel, sometime don't work at all and they just want a 1 year visa to visit Australia instead of the normal 90 days. But Asian on Working Holiday seldom do that, they really do work the whole way, maybe with 1 or twice travel.

Yes Europeans are risk averse and focused on enjoying life. Chinese people are ambitious and entrepreneurial, thus why many have become so rich so fast.

 

[HelloKitty94]

I don't have credit card debt......I dipped into my family business earning, haven't taken a single cent out for over 20 years, and the record is broken because of COVID....

Tried telling her to stop buying shoes and spending $500 on her highlight but no dice. She go thru her Louboutin like I went thru 9mm rounds on gun range.......She brought a pair like every 3 months. Then she also have Jimmy Choo and Gucci shoes...

Well, you are missing out the best part of having a student loan - Tax reduction.

The savings on taxes while paying student loan can outweigh the student loan itself over years when your income reaches certain threshold. So a lot of people don’t rush to pay off their student loan after graduation because of this benefit.

I still have 10k loan to pay. But I am taking time to enjoy the benefit by paying the minimum fee each month.

 

[MH.Yang]

What for?? I just don't want to work for a while. May pick up another employment next year. Already had something line up. But right now I just don't feel like working.

And it's her money, I don't have control how she spends her own money. As long as she pays half of the mortgage. I really don't care how she spend the rest lol...I just don't understand why she keep buying them expensive shoes and then complain about them, about how uncomfortable to wear them. I mean, if that make you uncomfortable, the stop buying them.....

According to the East Asian family tradition, men should be responsible for making money to support their families, and women should take good care of their children and their parents.

In my family, my wife is a full-time wife, and my income is responsible for the whole family expenses. But my children spend the most every month, followed by my wife (she also likes to buy shoes and bags), and my wife's dog comes in third, and my expenses are the lowest.

 

[jhungary]

Well, you are missing out the best part of having a student loan - Tax reduction.

The savings on taxes while paying student loan can outweigh the student loan itself over years when your income reaches certain threshold. So a lot of people don’t rush to pay off their student loan after graduation because of this benefit.

I still have 10k loan to pay. But I am taking time to enjoy the benefit by paying the minimum fee each month.

Meh, I don't have student debt either, the government pay for my college Degree.

 

[jhungary]

According to the East Asian family tradition, men should be responsible for making money to support their families, and women should take good care of their children and their parents.

In my family, my wife is a full-time wife, and my income is responsible for the whole family expenses. But my children spend the most every month, followed by my wife (she also likes to buy shoes and bags), and my wife's dog comes in third, and my expenses are the lowest.


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Hard to complete with my wife as she is a lawyer, in fact she earns 115k a year is low according to her field. The average lawyer salary is between 150k to 185k depending on field. Well, before COVID, I earn around 80,000 a year working with the NSW Police, my family business (1 textile factory and 2 metal working factories in China and some rental properties portfolio between China, Hong Kong and US) earns around 200kUSD a year and it split 3 ways as there are 3 of us, but as I said, I have not taken a cent out from those earning except now.

When I was working, we have separate and common expense, I don't ask her how she spend her money and she won't ask me how I spend mine. That is as long as we come up with the common expenses, like electricity bill, mortgage and such. She spends most of her money and I spend most of mine. We don't have kids, but we have 2 cats so she would have spent the most because she earns the most, then probably me next, and our cats last.

 

[Mista]

According to the East Asian family tradition, men should be responsible for making money to support their families, and women should take good care of their children and their parents.

In my family, my wife is a full-time wife, and my income is responsible for the whole family expenses. But my children spend the most every month, followed by my wife (she also likes to buy shoes and bags), and my wife's dog comes in third, and my expenses are the lowest.


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That's increasingly getting out of fashion. In Singapore there are more females marrying less-educated males than males marrying less-educated females nowadays.

Fewer men have wives less educated than them as expectations change

The proportion of men with wives less educated than them fell from 16.3% of marriages in 2011 to 12.3% last year. Read more at straitstimes.com.

www.straitstimes.com

https://news.smu.edu.sg/sites/news.smu.edu.sg/files/wwwsmu/news_room/smu_in_the_news/2022/Jul2022/Jul20/20220720-STHM-Singapore-B01_B02-36x30-D.pdf

 

[MH.Yang]

That's increasingly getting out of fashion. In Singapore there are more females marrying less-educated males than males marrying less-educated females nowadays.

View attachment 882715

Fewer men have wives less educated than them as expectations change

The proportion of men with wives less educated than them fell from 16.3% of marriages in 2011 to 12.3% last year. Read more at straitstimes.com.

www.straitstimes.com

https://news.smu.edu.sg/sites/news.smu.edu.sg/files/wwwsmu/news_room/smu_in_the_news/2022/Jul2022/Jul20/20220720-STHM-Singapore-B01_B02-36x30-D.pdf

My wife graduated from Hunan Agricultural University, and her education level is not low.

Neither my wife nor I have brothers or sisters. Our parents are almost 70 years old, we need to take care of four old people. We still have two children. So my wife can only be a full-time wife.

In fact, her contributions and sacrifices to her family are greater than mine. Taking care of our family requires a lot of energy.