4 ms·

Shanghai is extremely wealthy... even if you don't account for the accounting tricks played by china with their currency. Have you ever been? It's like being

by illumen 13y ago

Shanghai is extremely wealthy... even if you don't account for the accounting tricks played by china with their currency. Have you ever been? It's like being transported into the future. Apparently 20-30% cheaper than places in CA for most things, but to buy an apartment it's more expensive. Wages are 75% or so cheaper in Shanghai, but purchasing power is 66.36% lower too... http://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+States&country2=China&city1=Oakland%2C+CA&city2=Shanghai http://www.numbeo.com/cost-of-living/compare_cities.jsp?coun...

throwaway_yy2Di 13y ago
"Shanghai is extremely wealthy..." Seriously? The mean household income is US$4,700/year [0] (nominal conversion). Your link claims it's $12,000/year for an individual, but if you investigate further, that's the mean of the high-income expats who visited that English-language website about international costs of living and filled out a survey. The very existence of this large expat population skews the mean; I'd guess "typical", median wages are a lot lower than $4,700. [0] "Average annual income for a family in 2012 was 13,000 renminbi, or about $2,100. When broken down by geography, the survey results showed that the average amount in Shanghai, a huge coastal city, was just over 29,000 renminbi, or $4,700, while the average in Gansu Province, far from the coast in northwest China, was 11,400 renminbi, or just under $2,000. Average family income in urban areas was about $2,600, while it was $1,600 in rural areas." http://www.nytimes.com/2013/07/20/world/asia/survey-in-china-shows-wide-income-gap.html http://www.nytimes.com/2013/07/20/world/asia/survey-in-china...
- Vardhan 13y ago
  Being wealthy isn't just about income, it's about what you can do with your income.
  - xorblurb 13y ago
    $13000 "brut" in Shanghai is approx $20000 PPP according to http://en.wikipedia.org/wiki/List_of_Chinese_administrative_divisions_by_GDP_per_capita http://en.wikipedia.org/wiki/List_of_Chinese_administrative_... Income of $5000 would be approx $7700 PPP. Not exactly extremely wealthy by developed countries standard...

by illumen 13y ago

throwaway_yy2Di 13y ago

"Shanghai is extremely wealthy..." Seriously? The mean household income is US$4,700/year [0] (nominal conversion). Your link claims it's $12,000/year for an individual, but if you investigate further, that's the mean of the high-income expats who visited that English-language website about international costs of living and filled out a survey. The very existence of this large expat population skews the mean; I'd guess "typical", median wages are a lot lower than $4,700. [0] "Average annual income for a family in 2012 was 13,000 renminbi, or about $2,100. When broken down by geography, the survey results showed that the average amount in Shanghai, a huge coastal city, was just over 29,000 renminbi, or $4,700, while the average in Gansu Province, far from the coast in northwest China, was 11,400 renminbi, or just under $2,000. Average family income in urban areas was about $2,600, while it was $1,600 in rural areas." http://www.nytimes.com/2013/07/20/world/asia/survey-in-china-shows-wide-income-gap.html http://www.nytimes.com/2013/07/20/world/asia/survey-in-china...

Vardhan 13y ago
Being wealthy isn't just about income, it's about what you can do with your income.
- xorblurb 13y ago
  $13000 "brut" in Shanghai is approx $20000 PPP according to http://en.wikipedia.org/wiki/List_of_Chinese_administrative_divisions_by_GDP_per_capita http://en.wikipedia.org/wiki/List_of_Chinese_administrative_... Income of $5000 would be approx $7700 PPP. Not exactly extremely wealthy by developed countries standard...