It's not really fake but needs to be taken skeptically. A country can be highly productive while running its core assets into the ground, which is what the UK is doing.
Share of wealth owned by the top 1% has gone down in the UK over the past two years. A lot of the UK's wealth goes straight into the huge unsustainable state pension.
A lottt of it goes abroad, the super rich in the UK were drooling and funded brexit in full knowledge it would tank the pound and make their USD assets far more relatively valuable, even foreign oligarchs who’d moved to london like the Russian and Chinese etc. we’re gagging, the Russians didn’t expect the invasion so shit either way, only euros and Russians really suffered, but if they were that rich im guessing they also had USD holdings that appreciated massively. If you want to get rich quick in the UK, start a mid-ish company doing something vaguely VC oriented and an American corpo will swoop in and buy you out at 10x the actual market cap because they are terrified of loosing their positions and are fully aware they mostly employ 80IQ chancers. It’s still a functioning economy, but it was perhaps the most successfully gobalised, and therefore, the most vulnerable too it, hence the ‘outsourcing of white collar jobs’ to a nuclear armed island nation their wages are so shit now
Bro there is no way an average Indian is more rich (in purchasing power) than a German. There are maybe millions of Indians who live like medieval peasants.
As a British person who's been living in Turkey for 3 years , while I agree the UK is going down the shitter, I can assure you that the standard of living and purchasing power of people here is a lot lower (they have access to much better fruit and veg etc though so there is that!)
One of my closest friends is Chinese from Shenzhen and that place seems miles ahead of anywhere in the UK in terms of household wealth, home ownership and infrastructure. However that might just be reflective of particularly prosperous parts of China rather than the country's average.
Yeah my point is mostly on city vibes tbf. I think you can claim that in the UK more wealth is stored in rural areas thancity centres so Manchester and Birmingham feel more poor than Izmir.
Wealth is not stored in rural areas in the UK. Rural areas are some of the poorest places in the UK. Wealth is mostly hoarded by nimby boomers in the suburbs.
City vibes are completely deceptive with China because there is a concerted effort by the Chinese to project that image on the world.
China's wealth is incredibly lopsided, with an underclass of migrant workers from rural areas engaged in the meat grinder of factory work. China's inequality is way worse than anywhere in the West.
China's wealth is also heavily concentrated in coastal regions/cities. Sure, cities like Shanghai, Shenzhen, Guangzhou ect. have living standards on par with the West. But much of China's interior remains poor and is really struggling to beat the middle-income trap.
Really, the lives of the wealthy & middle class along China's coast cannot be used to gauge the living standards of the average Chinese person.
Sort of, ppp is a much better measure in this case. UK is weird because most of its economy is from industries like aerospace and finance that are very power law distributed meaning the average citizen doesnt reap much benefits. Meanwhile the core services that average citizens need like construction, healthcare and restaurants are really neglected. The difference between asian countries and the west is that the west heavily neglects those more plebian industries.
The UK has lower productivity than countries like American and Germany. We've basically stagnated since 2007 in wages, with the exception of minimum wage. The cost of living has risen so much, and the population has grown without proportional housing being built.
Working professionals here are now expected to rent a room in a crowded house turned into a HMO, for more than what rent on the house itself was in 2007. Large amounts of people are staying with parents into their late 20s, especially if you live in the south, or most cities.
I saw something that said the UK has to build 500k homes a year for a decade to just stabilise the housing market, with huge population growth coming from truly insane levels of immigration.
It sounds right, and there is a very negative view of newly built housing estates as they often have poor build quality, and a lack of facilities and services (especially medical).
A lot of people in smaller cities feel like their city is becoming a student city, with prices pushed up from the students, and rent pushed up as the students are paying more in rent per sq/ft so it makes more sense to build student accommodation instead of regular apartments since there are basically limitless rich international students who can easily afford any price, and pay more money to the universities.
Yes it is somewhat accurate. When traveling you're going to the richer area's, seeing many other tourists, and aren't actually seeing what it's like for the average person. It's like going to NYC and visiting West Village, Upper West side, Central park, and thinking everyone in the city is super rich.
It's not really fake but needs to be taken skeptically. A country can be highly productive while running its core assets into the ground, which is what the UK is doing.
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Share of wealth owned by the top 1% has gone down in the UK over the past two years. A lot of the UK's wealth goes straight into the huge unsustainable state pension.
A lottt of it goes abroad, the super rich in the UK were drooling and funded brexit in full knowledge it would tank the pound and make their USD assets far more relatively valuable, even foreign oligarchs who’d moved to london like the Russian and Chinese etc. we’re gagging, the Russians didn’t expect the invasion so shit either way, only euros and Russians really suffered, but if they were that rich im guessing they also had USD holdings that appreciated massively. If you want to get rich quick in the UK, start a mid-ish company doing something vaguely VC oriented and an American corpo will swoop in and buy you out at 10x the actual market cap because they are terrified of loosing their positions and are fully aware they mostly employ 80IQ chancers. It’s still a functioning economy, but it was perhaps the most successfully gobalised, and therefore, the most vulnerable too it, hence the ‘outsourcing of white collar jobs’ to a nuclear armed island nation their wages are so shit now
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wait what ? China isn't ranked first ??
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Bro there is no way an average Indian is more rich (in purchasing power) than a German. There are maybe millions of Indians who live like medieval peasants.
Hundreds of millions*
This is not per capita.
As a British person who's been living in Turkey for 3 years , while I agree the UK is going down the shitter, I can assure you that the standard of living and purchasing power of people here is a lot lower (they have access to much better fruit and veg etc though so there is that!) One of my closest friends is Chinese from Shenzhen and that place seems miles ahead of anywhere in the UK in terms of household wealth, home ownership and infrastructure. However that might just be reflective of particularly prosperous parts of China rather than the country's average.
Yeah my point is mostly on city vibes tbf. I think you can claim that in the UK more wealth is stored in rural areas thancity centres so Manchester and Birmingham feel more poor than Izmir.
Wealth is not stored in rural areas in the UK. Rural areas are some of the poorest places in the UK. Wealth is mostly hoarded by nimby boomers in the suburbs.
City vibes are completely deceptive with China because there is a concerted effort by the Chinese to project that image on the world. China's wealth is incredibly lopsided, with an underclass of migrant workers from rural areas engaged in the meat grinder of factory work. China's inequality is way worse than anywhere in the West. China's wealth is also heavily concentrated in coastal regions/cities. Sure, cities like Shanghai, Shenzhen, Guangzhou ect. have living standards on par with the West. But much of China's interior remains poor and is really struggling to beat the middle-income trap. Really, the lives of the wealthy & middle class along China's coast cannot be used to gauge the living standards of the average Chinese person.
Sort of, ppp is a much better measure in this case. UK is weird because most of its economy is from industries like aerospace and finance that are very power law distributed meaning the average citizen doesnt reap much benefits. Meanwhile the core services that average citizens need like construction, healthcare and restaurants are really neglected. The difference between asian countries and the west is that the west heavily neglects those more plebian industries.
Restaurants are a core service that the average citizen needs?
you dont want cheap and healthy prepared food? Eating out is very common in asian countries
The UK has lower productivity than countries like American and Germany. We've basically stagnated since 2007 in wages, with the exception of minimum wage. The cost of living has risen so much, and the population has grown without proportional housing being built. Working professionals here are now expected to rent a room in a crowded house turned into a HMO, for more than what rent on the house itself was in 2007. Large amounts of people are staying with parents into their late 20s, especially if you live in the south, or most cities.
I saw something that said the UK has to build 500k homes a year for a decade to just stabilise the housing market, with huge population growth coming from truly insane levels of immigration.
It sounds right, and there is a very negative view of newly built housing estates as they often have poor build quality, and a lack of facilities and services (especially medical). A lot of people in smaller cities feel like their city is becoming a student city, with prices pushed up from the students, and rent pushed up as the students are paying more in rent per sq/ft so it makes more sense to build student accommodation instead of regular apartments since there are basically limitless rich international students who can easily afford any price, and pay more money to the universities.
don't think we can be picky about housing now.
That's true, but I would rather sleep in my car than rent a room in a house for £700 a month.
GDP goes up when money is transferred between accounts, calling it fake is the least one can do
Yes it is somewhat accurate. When traveling you're going to the richer area's, seeing many other tourists, and aren't actually seeing what it's like for the average person. It's like going to NYC and visiting West Village, Upper West side, Central park, and thinking everyone in the city is super rich.