4 ms·

$66k/yr = rich person?

by shipscode 3y ago

inductive_magic 3y ago
Outside of the US? Absolutely. In Germany, you’re classified as rich starting at 60k gross income.
- jncfhnb 3y ago
  Define classified? Nobody is going to build rich person wealth at 66
  - debesyla 3y ago
    Just a guess but if they mean anything like in Lithuania - higher taxes. (Here in Lithuania "rich" is earning more than 45k/year.)
    - jncfhnb 3y ago
      But… that can’t possibly scale does it? Like maybe you can live a very nice life not worrying about money and having good foods, but you’re not going to get to a place where you have much more than a house and a nest egg, right? The “rich” are just the old money folks with compounding wealth. Right? In the states, ignoring California insanity, it feels like if you can land a $200k+ job you’ll have something that feels sort of rich by the end but just barely. And that’a going to be around a top 5th percentile income for most areas.
pb060 3y ago
It depends on where you live I guess, in my country (Italy) that's quite a high salary. Anyway "We hope the workcation visa will allow high-earning foreigners to stay in Korea's various regions and vitalize the local economy," doesn't sound as utopic as the title suggests.
skrebbel 3y ago
Yes?
ZoomZoomZoom 3y ago
Indisputably. The highest median income of all countries (Luxembourg) is about half that, give or take. The median income on Earth is somewhere around 5k, I think.
- soared 3y ago
  https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N US is ~$41k for an individual and this includes 14/15 year olds.
  - ZoomZoomZoom 3y ago
    Great, this supports my point. You can count income in many ways and the data here is probably fresher than what I could find in a half-minute search. USA is just right after the Luxembourg and the number is still just 62% of the 66k mentioned above.
    - zmgsabst 3y ago
      Median household income is $74k/yr in the US. https://www.census.gov/library/publications/2023/demo/p60-279.html https://www.census.gov/library/publications/2023/demo/p60-27... I don’t think “both people have to work, to be average” counts as “rich”.
      - ZoomZoomZoom 3y ago
        There's a couple of oversights in your argument. 1. I can bet an average household in the US is > 2 people (google says 3.13). The threshold in question is for personal income. 2. The context of the whole discussion is global, so comparisons made from a perspective of a citizen of one of the richest countries in the world don't really fly.
johnfernow 3y ago
If you're a single adult (which you probably are if you're interested in taking advantage of this program), $66k/year would mean you are richer than 99% of people on the planet, and your median income would be 20.2 times the global median. [1] 1. https://www.givingwhatwecan.org/how-rich-am-i?income=66000&countryCode=USA&numAdults=1&numChildren=0 https://www.givingwhatwecan.org/how-rich-am-i?income=66000&c... So yes, by global standards, $66k/year would mean you are extremely rich. It's even quite a bit higher than the median adult income in developed countries. At $66k/year, you're making about double the average German working adult, and over triple the average Japanese working adult. [2] 2. https://en.wikipedia.org/wiki/Median_income https://en.wikipedia.org/wiki/Median_income I think people often don't understand the grand scale of difference between the developing and the developed world. Yes, there is a cost of living adjustment, and certain things are cheaper abroad (though many things, such as electronics, are more expensive), but people really do consume a ton more in the rich world. Most people don't have cars, and most people live in far smaller homes. Even Europeans live in far smaller homes than Americans: the average new English home is 1/3 the size of the average American home. [3] People in developing countries also travel a lot less. Only 3% of Indians have traveled abroad, vs. 76% of Americans. [4] The discretionary income, defined as "all the money you have left after paying for taxes and your absolute needs", that most Americans have (all but the lowest 3 deciles) would be extremely enviable by most people worldwide. [5, 6] 3. https://www.businessinsider.com/ons-english-homes-are-a-third-of-the-size-of-american-homes-2017-10 https://www.businessinsider.com/ons-english-homes-are-a-thir... 4. https://www.pewresearch.org/global/2023/12/06/international-travel/ https://www.pewresearch.org/global/2023/12/06/international-... 5. https://www.fool.com/investing/general/2015/10/18/the-average-american-households-discretionary-inco.aspx https://www.fool.com/investing/general/2015/10/18/the-averag... 6. https://infogram.com/discretionary_income_by_income_decile https://infogram.com/discretionary_income_by_income_decile

$66k/yr = rich person?

inductive_magic 3y ago

Outside of the US? Absolutely. In Germany, you’re classified as rich starting at 60k gross income.

jncfhnb 3y ago
Define classified? Nobody is going to build rich person wealth at 66
- debesyla 3y ago
  Just a guess but if they mean anything like in Lithuania - higher taxes. (Here in Lithuania "rich" is earning more than 45k/year.)
  - jncfhnb 3y ago
    But… that can’t possibly scale does it? Like maybe you can live a very nice life not worrying about money and having good foods, but you’re not going to get to a place where you have much more than a house and a nest egg, right? The “rich” are just the old money folks with compounding wealth. Right? In the states, ignoring California insanity, it feels like if you can land a $200k+ job you’ll have something that feels sort of rich by the end but just barely. And that’a going to be around a top 5th percentile income for most areas.

pb060 3y ago

It depends on where you live I guess, in my country (Italy) that's quite a high salary. Anyway "We hope the workcation visa will allow high-earning foreigners to stay in Korea's various regions and vitalize the local economy," doesn't sound as utopic as the title suggests.

skrebbel 3y ago

Yes?

ZoomZoomZoom 3y ago

Indisputably. The highest median income of all countries (Luxembourg) is about half that, give or take. The median income on Earth is somewhere around 5k, I think.

soared 3y ago
https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N US is ~$41k for an individual and this includes 14/15 year olds.
- ZoomZoomZoom 3y ago
  Great, this supports my point. You can count income in many ways and the data here is probably fresher than what I could find in a half-minute search. USA is just right after the Luxembourg and the number is still just 62% of the 66k mentioned above.
  - zmgsabst 3y ago
    Median household income is $74k/yr in the US. https://www.census.gov/library/publications/2023/demo/p60-279.html https://www.census.gov/library/publications/2023/demo/p60-27... I don’t think “both people have to work, to be average” counts as “rich”.
    - ZoomZoomZoom 3y ago
      There's a couple of oversights in your argument. 1. I can bet an average household in the US is > 2 people (google says 3.13). The threshold in question is for personal income. 2. The context of the whole discussion is global, so comparisons made from a perspective of a citizen of one of the richest countries in the world don't really fly.

johnfernow 3y ago

If you're a single adult (which you probably are if you're interested in taking advantage of this program), $66k/year would mean you are richer than 99% of people on the planet, and your median income would be 20.2 times the global median. [1] 1. https://www.givingwhatwecan.org/how-rich-am-i?income=66000&countryCode=USA&numAdults=1&numChildren=0 https://www.givingwhatwecan.org/how-rich-am-i?income=66000&c... So yes, by global standards, $66k/year would mean you are extremely rich. It's even quite a bit higher than the median adult income in developed countries. At $66k/year, you're making about double the average German working adult, and over triple the average Japanese working adult. [2] 2. https://en.wikipedia.org/wiki/Median_income https://en.wikipedia.org/wiki/Median_income I think people often don't understand the grand scale of difference between the developing and the developed world. Yes, there is a cost of living adjustment, and certain things are cheaper abroad (though many things, such as electronics, are more expensive), but people really do consume a ton more in the rich world. Most people don't have cars, and most people live in far smaller homes. Even Europeans live in far smaller homes than Americans: the average new English home is 1/3 the size of the average American home. [3] People in developing countries also travel a lot less. Only 3% of Indians have traveled abroad, vs. 76% of Americans. [4] The discretionary income, defined as "all the money you have left after paying for taxes and your absolute needs", that most Americans have (all but the lowest 3 deciles) would be extremely enviable by most people worldwide. [5, 6] 3. https://www.businessinsider.com/ons-english-homes-are-a-third-of-the-size-of-american-homes-2017-10 https://www.businessinsider.com/ons-english-homes-are-a-thir... 4. https://www.pewresearch.org/global/2023/12/06/international-travel/ https://www.pewresearch.org/global/2023/12/06/international-... 5. https://www.fool.com/investing/general/2015/10/18/the-average-american-households-discretionary-inco.aspx https://www.fool.com/investing/general/2015/10/18/the-averag... 6. https://infogram.com/discretionary_income_by_income_decile https://infogram.com/discretionary_income_by_income_decile