It's a mistake to say we're rich because our GDP or even GDP per capita is high. What matters is PPP - purchasing power parity with a basket of goods weighted

It's a mistake to say we're rich because our GDP or even GDP per capita is high. What matters is PPP - purchasing power parity with a basket of goods weighted towards the essentials of life: housing, transportation, food, water, child care and medical insurance. By that measure, I don't think the US is as rich as we think we are. but i would like to see things measured and quoted in that regard, it would be more relevant and accurate for comparing wealth. Such an analysis would also be useful for comparing the rich and poor within a country. here in the US: someone earning 100k in the midwest is much wealthier than someone earning 150k in palo alto. Of course, if your basket of goods comparison is how many apple cell phones they can buy, it's not gonna be an accurate comparison