Are You RICH in China?

Halon when is this lousy six here with another video and I'm standing here on the streets of Hong Kong one might say one of the most important financial hubs in the entire world to answer a question but I think a lot of you might not have asked yourself directly but might be a little bit curious about and that is would you be considered wealthy in China now there's a lot of conflicting reports about whether China is rich or is it poor or which areas richer than the other areas and where is the wealth going and is it leaving and is the economy going up and down GDP all these numbers are crazy but I actually want to break down some of the figures that would tell you yourself with a salary that you make and the things that you can afford in your home country would you be able to be considered a wealthy person or would you be considered a poor person in the crazy place that is China [Music] you're radiant [Music] they seem oh yeah hey yo what the hell no seriously yo yo holy crap you're right you yo or the French Croatian squid this rare and majestic creature makes its arduous journey every year from the southern coast of France all the way to the glittery warm beaches of Croatia for the very few lucky people who have been graced by its spectacular presence they have described a deep feeling of peace fortune and well-being even the name has special significance in Chinese which makes it one of the most prized creatures within Chinese mythology ancient Chinese all the way through modern times have used its name as a mantra to express a wide variety of emotions faha curio yo yo yo yo for a limited time only this innocent and precious creature has been immortalized in the form of apparel this rare shirt is available for two weeks only and in order to be blessed with a fortune and luck that only fakku yo can give head over to ever press calm slash la y eighty-six before it slips away that's right there's got the tentacle oh don't worry definitely not our dinner just good squid we're turning them back to the ocean yeah it's okay if you want to eat it it's frozen you want like that you want enjoy you want to enjoy it trust me it's frozen that one's frozen too you know you're not gonna like it Oh whew go yeah whoops Oh would you actually be considered rich in China well first off we're gonna be using real GDP figures here because obviously if you go to some other parts of China your money's gonna go a lot further or a stretch much thinner now if we look at the average salary of someone in the USA it's $50,000 per year and that's kind of like what the average teacher makes in the USA but if we look at China the average salary is actually 10,000 it varies wildly across the country but $10,000 per year is your average salary in China an average teacher in China also makes $10,000 per year so that's our first comparison however even in America there's a lot of you know wealth gap if you go to the richest state of Massachusetts almost Boston they're looking at $65,000 per year and that's what the average teacher makes there and if you go to the richest place in China you're talking about Beijing the capital and that's about $20,000 per year again what an average teacher makes however you can go to extremely poor states like Mississippi for example down south or the average is only 32,000 dollars per year but compare this to the desert province of gongsu and you're talking about $4,500 per year so those are the wild extremes of the GDP numbers well let's actually get into the meaning of this so there's two maps here where you can compare each province in each state of the US and actually kind of look at how much the average person makes of course this is taking all things into account including the massive wealth gap but by and large we can look at America saying $50,000 per year as a teacher you know in the u.s. of you and to China you'd be making five times the local salary or the average local salary there now what about the bottom end well there is a minimum wage in China and the minimum wage in China varies across the provinces but the average McDonald's worker in China would make about four thousand dollars per year but in America the average McDonald's worker would actually pull in twenty six thousand dollars per year so that's quite the difference as you can but what if we go all the way up to an engineer salary we're gonna use an engineer as an example for the top-end the average engineer in America is gonna make $100,000 per year and in China they're gonna make about $22,000 per year and of course new level engineers and trying to make a whole lot less than that whereas $100,000 six figures a lot of Americans would consider that to be rich now despite these kind of seemingly low figures that you see about China cuz a lot of people think China is massively rich country there are actually some special regions and everybody knows Hong Kong Hong Kong actually pulls in about sixty-two thousand dollars per year on average in Macau a former Portuguese territory is about 110 thousand dollars so I want is its own sovereign territory so we can kind of say it's a little bit Chinese because Chinese people live there but that's about fifty thousand dollars on average the same as the US but the most important thing that we're here to talk about today is actually the definition of what rich is because it's quite a bit different from America the Chinese perception of wealth and how much things are worth and how much someone has is very very different than what you might think so the tricky part is actually if you go to some Chinese city especially big cities like Shanghai Beijing or Guangzhou Shenzhen this six-figure salary in America that I you know kind of referred to the engineers base salary or normal salary is actually not considered that rich unless you have ten Ferraris and six houses and all kinds of international investment you might not be considered rich because a whole lot of Chinese people are super provincial meaning that they rarely travel outside of their hometowns or they're you know the main city area so they're kind of unaware of the stifling poverty that can actually exist when I mentioned the province of Gansu a lot of that those areas are incredibly incredibly poor but because there's no real transparent media and the government doesn't like to focus on these areas they're very unaware of the fact that right outside the city centers you can get quite poor now me as an American I actually knew it no and grew up knowing that there are a lot of areas in America that are poor if I went to some Native American reservation in South Dakota I know that there would be stifling poverty there very low standard of life and there's a lot of places like this throughout the country but a lot of these Chinese people that see this enormous crazy wealth around them especially because of the gap they're very much localized into they're very rich Center so they might even consider someone like a Jan they're a fruit seller they might even think that they make a lot more money than they actually do simply because they were born into this huge wealth trend that happened in the 80s and 90s so it makes it a very difficult conversation to have a Chinese people about whether the country is rich or not whether they consider themselves rich or not and who is actually considered poor the average American I would say they use the phrase six-figure salary thinking that that's some sort of dream or that's something they can look forward to making in the future if they really really try their best so it's a really confusing definition I want to know where you guys fall in this spectrum a lot of this whole misconception of wealth can be seen when I speak to my Chinese friends a lot of my friends when I was living up in Inner Mongolia were very happy to make between three and five thousand RMB per month so we're talking like four to three to four hundred five hundred bucks a month and for me you know someone that was pulling in between 1,500 and 2,000 dollars a month I was the rich friend I was the one expected to pay for the drinks and to me that wasn't a whole lot of money but you know life was pretty cheap up there it wasn't that big of a deal but their perception of wealth was that someone making that much money was kind of ridiculous they were you know kind of felt like it was unfair that foreigners you know working this low our job at this university standing around the classroom having fun of the students was making that much while they're you know changing tires on trucks or you know doing private tutoring on the side things like this but then you talked to some of my other Chinese friends who you know make well over a hundred thousand RMB a month so we're talking like twenty five thousand dollars a month unfathomable to me for them someone that pulls in you know five to ten thousand dollars a month is absolutely poor because they can't afford you know what they can afford they can't afford to live in the houses that they do they can't afford to drive the cars that they do in this huge comparison is that you know it's the way that Chinese society works a lot of people live by comparing themselves to others so there's this huge disconnect with the two different wealth gaps in China where the the rich the already rich look at themselves is kind of middle class they look up to these huge multimillionaires as the rich people that they strive to be and then you have kind of in the middle of the actual middle class seeing themselves as you know they're doing okay but somebody that makes a little bit more than them is rich so it's a weird comparison to make but it's definitely palpable in conversations with actual Chinese people so I hope you guys found that very very interesting there's a lot of information in there to digest I understand but I hope you guys found it useful I hope you liked the video and if you do give me a like leave your comments down below tell me what you think about this whole thing and don't forget behind the scenes at patreon.com slash lao 86 or you can support the channel vote on topics and much much more and I also want to and I also want to say this every single Wednesday at 1 p.m. est you can watch a lousy sixth video click down here for another one over here you can watch a TV China which is me and Winston's channel every single Monday at 1 p.m. est and right below that you can watch Winston serpens at a every single Friday at 1 p.m. PST thanks [Music]

Channel: laowhy86

Views: 117,983

Rating: 4.806036 out of 5

Keywords: chinese millionaires, chinese billionaires, crazy rich asians, chinas wealthiest, rich kids of china, chinas one percent, chinas 1 percent, asias richest, dating in china, rich chinese, china money, rich kids of asia, asian beauty, living in china, chinese food, china (country), chinese people, chinese culture, adv china, china vlogger, advchina, serpentza, laowhy86, how much money, china gdp, china ppp, china per capita, china salary, is china rich?, is china poor?

Id: -vkX9bGqLPI

Length: 10min 1sec (601 seconds)

Published: Wed Apr 17 2019