fxashun

Life Inc. - Good Graph Friday: The international wealth gap

The average wealth per American adult hit $236,213 in 2010, according to Credit Suisse. That's a 23 percent increase over a decade ago, but leaves us far behind No. 1 Switzerland, which surged 60 percent over the past decade to an average of $372,692 per adult.

The U.S., which ranked No. 2 in average wealth behind Switzerland a decade ago, has been surpassed since then by rapidly growing Norway, Australia, Singapore, France and Sweden, according to Credit Suisse.





I'm getting there.

Fayt

Fact that the U.S. has the biggest wealth gap between the rich and poor out of all the industrialize countries. Now can you tell me WHY?

fxashun

I'm sure there are many reasons for the wealth gap. But there are also reasons why average Americans keep kicking their own asses as far as wealth is concerned.



For example, one the best ways for Americans to build wealth is in a family. The high divorce rate contributes to poverty. And often time, single parenthood and poverty breeds more of the same. Until those behaviors are controlled, there is always going to be a wealth gap for many people that are under those conditions.

pensacola_niceman

I knew it! It's those damn bitch ex-wives that are making us all poor. To think that gays are fighting for their right to be in the same boat.

Fayt

o.O I thought the best way for Americans to build wealth is by having a well paying job.

pensacola_niceman

Child support and alimony has had a nullifying effect on that.

Zack

While I think the federal government should not be managing social security I do think it's one of the worst killers of wealth that the US government has came up with. Imagine if you had an employer with the same rules on their 401K, you pay in your whole life and must be 62 and a half to draw the first reward from the matching savings and then you die at age 62 and your family gets nothing or little of your investment and your employers investment.



Blacks die younger than whites and women live longer than Black or white men so the system is far from equal protection and creates zero wealth. Unlike the thoughts of fayt87linegod who says "I thought the best way for Americans to build wealth is by having a well paying job." I think wealth is actual value you "own", assets that you may manage and distribute to those you love or just like in a will.



Wealth can be accomplished in a lifetime by the poorest of persons based on how they spend their earning or even gifts from government, wealth is what value you have at death that can be passed to others. Last year while standing outside of the dentist office I was invited into a conversation by another smoker, an older man than me, and that's old... anyway to make a long story short this guy moved from Puerto Rico to the south side of Chicago in his youth and rented low cost rentals in the Black neighborhood. He told me he worked as a janitor all his time in Chicago but that he had seen how the city was expanding and noticed a couple vacant lots that were for sale. He said he bought them with his blue collar earnings paying the payments and tax faithfully until they were paid in full. As he was ready to retire and return to Puerto Rico a developer was building a large enterprise that included his property and he was able to sell his two lots for well over a million dollars. He explains he now has a half dozen houses here and every relative visits way too often. Based on his story and mine, I'd have to say wealth isn't based on "I thought the best way for Americans to build wealth is by having a well paying job."



If each citizen owned their Social Security and their Medicare they would manage it well in retirement. Let's say it would remain the same way it is right now but instead of them sending you a check every month until you die they sent you a statement with each payment that displayed your remaining balance. And lets say that you get to keep that remaining balance when you die...and lets say that the government would offer an annual guarantee of a set interest rate as you and your employer made the paycheck deposits...and now let's say that you could choose to contribute even more than is withheld from your check and if the employer choose he could also match that amount just because he finds you to be a great employee and all that money would be tax free. Would that create wealth?

garysher

Switzerland, Norway, Australia, Singapore, France and Sweden all have far more comprehensive pension programs and universal health care too.

Zack

None of these nations have the same environment as America. By environment I'm talking about our political system, our position as a world power, our makeup of citizens and uninvited guests, history and so much more.

Fayt

No, I think I'm right when I say a family does better when the hus or wife accumulate wealth by having a well paying jobs. I think that's common knowledge.