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[–] 1 point 1 year ago (2 children)

Not to validate the moronic narrative in the OP, but a million dollars is really not that much. Not even enough to retire in many places. Not where I'd put the standard for "mom and pop." I mean hell, your average mom and pop anything is probably worth a lot more than one million dollars.

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  • [–] 1 point 1 year ago (1 child)

    In some sense you are right, but also 1 million in net assets is not just within the global 1% but less than 0.5%...

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  • [–] 1 point 1 year ago*

    That's true if we evaluate wealth as an absolute number, but then you miss cost of living and purchasing power considerations that make this not as simple as it sounds. For example, the real value of a million dollars will be very different between Switzerland, the US, China, Turkey, Jordan and Nigeria. Hell, even inside the US a million dollars in a wealthy NYC neighborhood is not at all the same as a million dollars in rural Alabama. Where I'm from a decent-sized apartment in a nice location would cost somewhere along the lines of $100k, for example. You can kind of correct for this using purchasing power parity, but even then that's not the whole picture. Having a million dollars of net assets in NYC is definitely privileged, but not global 1% levels of privilege.

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