6 ms·

Where is it easier to strike it rich?

phil248 7y ago
China. "Although the U.S. will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse forecasts that China will mint new seven-figure fortunes at more than three times the rate over the same period." https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-remain-hub-of-world-s-richest-even-as-china-closes-gap https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-re...
- PHGamer 7y ago
  well only if your chinese. chinese tend to not work well with non chinese.
  - dlivingston 7y ago
    Are you Chinese yourself? I have a number of really great native-born Chinese colleagues.
    - AnimalMuppet 7y ago
      PHGamer's comment could have been phrased better. But I suspect the actual point is this: It might be hard for a non-Chinese to become rich in China - harder, say, than for a non-US-citizen to become rich in the US.
  - neom 7y ago
    I'd encourage you to read this book, it certainly made me think differently about China: Dealing with China: An Insider Unmasks the New Economic Superpower by Henry M. Paulson https://www.amazon.com/Dealing-China-Insider-Economic-Superpower-ebook/dp/B00CO7FMDC https://www.amazon.com/Dealing-China-Insider-Economic-Superp...
    - mikeyouse 7y ago
      I'd rather take economic and business advice from the hobo outside my bus stop screaming at pigeons than take advice from Hank Paulson.
      - neom 7y ago
        It's not a self help book it's a story
- Aaronstotle 7y ago
  That makes sense given that China has ~4x the population of the United States.
- dlivingston 7y ago
  But, with China having 4x the U.S. population, wouldn't "odds of becoming a (b/m)illionaire" still be higher in the States, even if raw amount of new millionaires is higher in China?
- awinder 7y ago
  This is another oddly plucked stat from another Bloomberg clickbait article. Their internal rate of new millionaires is increasing, because they have fewer millionaires and more people. They’re still creating net less new millionaires than the US per year.
whamlastxmas 7y ago
America 30 years ago, which is the point
- mjevans 7y ago
  Maybe closer to 35-45 years ago? Put another way, sometime in the late 1970s through mid 80s? Or did you mean specifically the late 1980s? I vaguely recall the adults mentioning something about a 'recession' in the early 90s, but I don't think it was anything near as bad as the last roughly 10 years.
  - whamlastxmas 7y ago
    The data in the article was comparing more modern stats with other stats starting in mid 80s which is why I gave 30 years. You could probably expand it as far back as the 50s and probably still be accurate
hdlothia 7y ago
China maybe? But my guess is no where, which is why populists are on the march globally.
sharadov 7y ago
Asia - China, India, Vietnam
ENGNR 7y ago
Europe according to this guy: https://www.ted.com/talks/harald_eia_where_in_the_world_is_it_easiest_to_get_rich?language=en https://www.ted.com/talks/harald_eia_where_in_the_world_is_i... The theory makes sense, a better safety net means it's easier to take risks, 'celebrate failure' and all that
- atemerev 7y ago
  There is no such thing as "celebrate failure" culture in Europe. Not in France, not in Netherlands, not in Germany. Safety net is not free (it limits the top achievement), and is not available for everyone (e.g. as an immigrant, I am not allowed to use most of the social services; the same will apply for you). US culture is much more preferable for the entrepreneurs.
mlindner 7y ago
Not China, unless you're Chinese. Right now you want to go to less developed economies.
jonmc12 7y ago
There are 15 countries according to this study: https://inequality.stanford.edu/sites/default/files/Pathways-SOTU-2016-Economic-Mobility-3.pdf https://inequality.stanford.edu/sites/default/files/Pathways... Also see - https://www.trutv.com/shows/adam-ruins-everything/blog/adams-sources/adam-ruins-america.html https://www.trutv.com/shows/adam-ruins-everything/blog/adams...
celias 7y ago
Canada https://www.macleans.ca/news/canada/has-the-american-dream-moved-to-canada/ https://www.macleans.ca/news/canada/has-the-american-dream-m... Canada, Denmark, UK (2017) https://www.businessinsider.com/the-american-dream-of-social-mobility-2017-3 https://www.businessinsider.com/the-american-dream-of-social...

China. "Although the U.S. will remain a world leader in the number of millionaires, reaching as many as 20.5 million over the next five years, Credit Suisse forecasts that China will mint new seven-figure fortunes at more than three times the rate over the same period." https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-remain-hub-of-world-s-richest-even-as-china-closes-gap https://www.bloomberg.com/news/articles/2018-10-18/u-s-to-re...

PHGamer 7y ago
well only if your chinese. chinese tend to not work well with non chinese.
- dlivingston 7y ago
  Are you Chinese yourself? I have a number of really great native-born Chinese colleagues.
  - AnimalMuppet 7y ago
    PHGamer's comment could have been phrased better. But I suspect the actual point is this: It might be hard for a non-Chinese to become rich in China - harder, say, than for a non-US-citizen to become rich in the US.
- neom 7y ago
  I'd encourage you to read this book, it certainly made me think differently about China: Dealing with China: An Insider Unmasks the New Economic Superpower by Henry M. Paulson https://www.amazon.com/Dealing-China-Insider-Economic-Superpower-ebook/dp/B00CO7FMDC https://www.amazon.com/Dealing-China-Insider-Economic-Superp...
  - mikeyouse 7y ago
    I'd rather take economic and business advice from the hobo outside my bus stop screaming at pigeons than take advice from Hank Paulson.
    - neom 7y ago
      It's not a self help book it's a story
Aaronstotle 7y ago
That makes sense given that China has ~4x the population of the United States.
dlivingston 7y ago
But, with China having 4x the U.S. population, wouldn't "odds of becoming a (b/m)illionaire" still be higher in the States, even if raw amount of new millionaires is higher in China?
awinder 7y ago
This is another oddly plucked stat from another Bloomberg clickbait article. Their internal rate of new millionaires is increasing, because they have fewer millionaires and more people. They’re still creating net less new millionaires than the US per year.

whamlastxmas 7y ago

America 30 years ago, which is the point

mjevans 7y ago
Maybe closer to 35-45 years ago? Put another way, sometime in the late 1970s through mid 80s? Or did you mean specifically the late 1980s? I vaguely recall the adults mentioning something about a 'recession' in the early 90s, but I don't think it was anything near as bad as the last roughly 10 years.
- whamlastxmas 7y ago
  The data in the article was comparing more modern stats with other stats starting in mid 80s which is why I gave 30 years. You could probably expand it as far back as the 50s and probably still be accurate

hdlothia 7y ago

China maybe? But my guess is no where, which is why populists are on the march globally.

sharadov 7y ago

Asia - China, India, Vietnam

ENGNR 7y ago

Europe according to this guy: https://www.ted.com/talks/harald_eia_where_in_the_world_is_it_easiest_to_get_rich?language=en https://www.ted.com/talks/harald_eia_where_in_the_world_is_i... The theory makes sense, a better safety net means it's easier to take risks, 'celebrate failure' and all that

atemerev 7y ago
There is no such thing as "celebrate failure" culture in Europe. Not in France, not in Netherlands, not in Germany. Safety net is not free (it limits the top achievement), and is not available for everyone (e.g. as an immigrant, I am not allowed to use most of the social services; the same will apply for you). US culture is much more preferable for the entrepreneurs.

mlindner 7y ago

Not China, unless you're Chinese. Right now you want to go to less developed economies.

jonmc12 7y ago

There are 15 countries according to this study: https://inequality.stanford.edu/sites/default/files/Pathways-SOTU-2016-Economic-Mobility-3.pdf https://inequality.stanford.edu/sites/default/files/Pathways... Also see - https://www.trutv.com/shows/adam-ruins-everything/blog/adams-sources/adam-ruins-america.html https://www.trutv.com/shows/adam-ruins-everything/blog/adams...

celias 7y ago

Canada https://www.macleans.ca/news/canada/has-the-american-dream-moved-to-canada/ https://www.macleans.ca/news/canada/has-the-american-dream-m... Canada, Denmark, UK (2017) https://www.businessinsider.com/the-american-dream-of-social-mobility-2017-3 https://www.businessinsider.com/the-american-dream-of-social...