Thanks for the input. I was not being clear. I meant the gross assets that make up wealth, both tangible and financial. Tangible would include real assets, ranging from homes and businesses to cars. Financial assets include items such as bank deposits, corporate stocks and bonds, and tax-deferred retirement accounts.
OK, now I am really confused. Are you saying that China has personal gross assets of around 50% while the average American has only 5%? Actually, I would not find that sad statistic shocking. The biggest problem here is the hollowing out of the middle class and inequitable concentration of wealth in the top 10% of the population.
"The United States is a rich country, but it is becoming one in which a very small number of citizens own most of the wealth, and from which both younger Americans and the broad middle class are failing to benefit."
I am saying that the Chinese put much more of their wealth into real estate; Americans have many more options. And your note about the squeeze of wealth into the upper class is exactly right. I'm working on an article about it, so thanks for the Brookings link.
Your statistic about the percentage of personal wealth held in real estate in the U.S. must be a misprint. It is closer to 50% and if you live in California like me, it is likely higher. https://www.federalreserve.gov/pubs/ifdp/2011/1027/ifdp1027.htm#:~:text=Housing%20wealth%20is%20about%20one,Product%20in%20the%20United%20States.
Thanks for the input. I was not being clear. I meant the gross assets that make up wealth, both tangible and financial. Tangible would include real assets, ranging from homes and businesses to cars. Financial assets include items such as bank deposits, corporate stocks and bonds, and tax-deferred retirement accounts.
OK, now I am really confused. Are you saying that China has personal gross assets of around 50% while the average American has only 5%? Actually, I would not find that sad statistic shocking. The biggest problem here is the hollowing out of the middle class and inequitable concentration of wealth in the top 10% of the population.
"The United States is a rich country, but it is becoming one in which a very small number of citizens own most of the wealth, and from which both younger Americans and the broad middle class are failing to benefit."
https://www.brookings.edu/articles/six-facts-about-wealth-in-the-united-states/
I am saying that the Chinese put much more of their wealth into real estate; Americans have many more options. And your note about the squeeze of wealth into the upper class is exactly right. I'm working on an article about it, so thanks for the Brookings link.