Where do the wealthiest 1% live?

Re:Where do the wealthiest 1% live? by acadien on Sunday January 25, 2015 @06:13PM (#8944652)

Anyone else shocked that China only has 1.6m relative to the world? Maybe this is because it doesn't take into account relative cost of living and cost of goods. I imagine a million USD goes a lot further in Shanghai than in SF.

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Re:Where do the wealthiest 1% live? by seanmcdirmid on Sunday January 25, 2015 @08:10PM (#8945047)

> I imagine a million USD goes a lot further in Shanghai than in SF.

And you would be surprised how much it doesn't. Costs in SH are high, and there are a lot of millionaires in the city even if that money is mostly gray.

Keep in mind that prices in China are lower at the low end, and higher at the high end. So ya, you can buy that cheap meal for cheaper, but if you want a BMW, you have to pay 2x/3x more. I do all my high-end shopping in the states when I go back once or twice a year (and I don't own a car).

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Re:Where do the wealthiest 1% live? by blackguardx on Sunday January 25, 2015 @06:19PM (#8944669)

Shanghai is the most expensive city I have ever visited. Coming from San Francisco, most cities seem cheap. Not Shanghai.

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Re:Where do the wealthiest 1% live? by rsync on Sunday January 25, 2015 @08:31PM (#8945116)

Useless anecdote:

I have been to shanghai, and agree that it is not cheap.

However, other than special-case-outliers like Aspen and Davos, nowhere I have been is more expensive than Zurich.

It's like, crazy expensive.

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Re:Where do the wealthiest 1% live? by acadien on Sunday January 25, 2015 @06:22PM (#8944682)

Hm maybe it depends on your income level? I have friends in Shanghai that live on a fraction of what I live on in the US, we're in comparable income levels but no where near wealthy.

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Re:Where do the wealthiest 1% live? by ido on Monday January 26, 2015 @04:55AM (#8946241)

This is common to many lower income countries.

You can live like a poor student in Poland for very cheaply but an upper/upper-middle class lifestyle (a couple of nice new luxury cars, always having the latest iphones/ipads, fancy clothing/watches/jewelry, a nice house/apartment in a good location, etc) will cost the same or more in Warsaw as in Berlin or Vienna.

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Re:Where do the wealthiest 1% live? by KaoruAoiShiho on Sunday January 25, 2015 @07:50PM (#8944979)

China manipulates its currency so any number in dollars would be inaccurate. It probably has maybe 2-3 times the amount stated here. It's still a pretty poor country though per capita.

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Re:Where do the wealthiest 1% live? by seanmcdirmid on Sunday January 25, 2015 @08:11PM (#8945051)

Also, gray income is common, and how do you count bribes?

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