In the past decade, Hangzhou, China and Austin, Texas, more than a doubled their wealthy residents. This trend places them at the top of the rankings for millionaire population growth, which is largely dominated by cities in China and the U.S., reflecting the economic strength of these two countries.
By way of comparison, at the beginning of the 21st century, the United States and Japan had a similar count of millionaires. However, the U.S. sustained its millionaire population growth, whereas China surpassed Japan in economic size in 2010 and, subsequently, in the number of millionaires in 2014.
Other emerging economic giants in the 2010s—India and Vietnam—have also seen millionaire growth in the cities of Bengaluru (88%), Hyderabad (78%), and Ho Chi Minh City (82%).
On the other hand, Moscow and St. Petersburg lost around 40% of their millionaire residents in the same timeframe, with the sanctions against the country playing a key role deteriorating their wealth as well as causing an exodus of residents.
Though having millions of dollars are recognized may make one a millionaire, true wealth is not measured in dollars.
ReplyDeleteThe globalists are working to destroy the working & middle classes. We'll end up with only the rich and the poor. Modern computer systems, robots and A.I. will eliminate the need for the workers and the first level white collar managers
ReplyDeleteWill AI be able to cut my hair? Can AI unclog a toilet? When will AI be able to drive a catheter into a patient's arm?
DeleteAI is a tool. Like many other tools before it will increase productivity. Sure, some people will find that the jobs they did before AI can do better/more efficiently... some of those people will struggle in the short term to find other jobs... But the notion that AI will take all the jobs away and the next generation will have no jobs is not only wrong but it is also lazy.
These same arguments were offered when robots and automation started being used in manufacturing. More people work in vehicle manufacturing and related industries today than in the 80's. Productivity has increased and wages have also gone up. Cars are also more affordable (you get a lot more for the same $)
When PCs started becoming ubiquitous in all office spaces it was predicted that lots of people would lose their jobs and that computers would replace all sort of employees. Reality is that it didn't happen and after the pandemic with the push to remote work lots of jobs have become available to people all over the country. It used to be the case that if you wanted to work for a NYC company you had to live in NYC. Now you can work for a NYC company from Kansas or Tennessee. Not to mention that these remote jobs benefit local economies.
Stop predicting the end of the world and open your eyes to all the potential benefits that are coming with every technological improvement!
We are under the poverty level and still have to pay income taxes. The hordes coming in are exempt from taxes, vaxxes and every law on the books. And still we do nothing about it.
ReplyDeleteBeing worth a million and having a million are two different things. And these days
ReplyDeleteBeing a millionaire isn't a big deal. The wife and I are worth a least two or three million...but we would have to sell everything to actually have that kind of money. And if we sold everything the criminals in power would tax the shiite out of us. Not that they don't already.
Same.
DeleteHangzhou is where great leader Xi is from. I'm sure it is just a coincidence.
ReplyDeleteA Californy millionaire = You're doing OK anywhere else.
ReplyDeleteI just sold and bought a house. I had $1.4 million in liquid assets for a couple of days. Now that things have settled out I am slightly over 7 figures at 62 years old with the 401k. I am not comfortable with that. I got to get a job.
ReplyDeleteExcept when the bubble pops, that house and 401K will be worth a cool $100K, combined. If one is lucky.
ReplyDeleteIf it's inside city limits and/or west of I-5, even less, once the food riots start.
If you're 100 miles or more away from a major pop. center, on arable land, we can talk.
"Nothing lasts forever but the earth and sky." - Kansas
Explains why 1% still live there...
ReplyDelete