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Umm, I think the cost of basic, unavoidable living expenses has something to do with how "rich" you are. Which is why $31k might seem plenty "rich" in many par
by kalterstern 13y ago
Umm, I think the cost of basic, unavoidable living expenses has something to do with how "rich" you are.
Which is why $31k might seem plenty "rich" in many parts of the world, but in places like NYC or London or Moscow, not so much.
- Flimm 13y agoBelieve it or not, this takes into account living expenses. Currencies are not converted using current exchange rates, but using PPP (purchasing power parity). According to these figures, it takes the median average American on a salary of $50k two minutes to earn enough to buy a can of Coca-cola. The average Indonesian needs to work two hours to buy one, at local price.
- TheCoelacanth 13y agoLiving expenses (especially housing) vary wildly within the area that uses American dollars. Someone in San Francisco can hardly afford a place to live on $31k. Someone living in a rural area in the US can afford a pretty nice house on the same amount.
- kalterstern 13y agoOk I admit, I TL;DR'd it. Thanks for the correction.