Is America really as rich as people think?
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The greater the difference between a country’s mean and median wealth, the greater divide there is between rich and poor, according to Kenneth Thomas, a political science professor at the University of Missouri at St. Louis, who publishes the Middle Class Political Economist blog. If we look only at median wealth, the U.S. is the 27th-richest country on earth, just behind Slovenia, Thomas says.
Lately, we’ve heard several American billionaires and multi-millionaires push back against charges that the poor don’t receive a fair shot at our nation’s wealth. The U.S. is the land of plenty, they say, in large part because the rich create opportunities for us all. The data, however, tell a different story: In any number of countries, people have a greater shot at acquiring wealth –– that is, getting ahead and living in prosperity –– than in the U.S.
It’s time we think long and hard about who we are as a nation –– and how we can improve opportunities and raise living standards for the poor and even our middle class, for whom debt is a crushing burden that will only grow heavier from one generation to the next.
Top 10 countries by mean wealth
Country Mean wealth per adult
1. Switzerland $512,562
2. Australia 402,578
3. Norway 380,473
4. Luxembourg 315,940
5. United States 301,140
6. Sweden 299,441
7. France 295,933
8. Singapore 281,764
9. Denmark 255,066
10. Belgium 255,066
Top 10 countries by median wealth
Country Median wealth per adult
1. Australia $219,505
2. Luxembourg 182,768
3. Belgium 148,141
4. France 141,850
5. Italy 138,653
6. United Kingdom 111,524
7. Japan 110,294
8. Iceland 104,733
9. Switzerland 95,916
10. Finland 95,095
27. United States 44,911
Source: 2013 Global Wealth Databook, a publication of the Credit Suisse Research Institute.
Scott Brinton is senior editor of the Bellmore and Merrick Heralds and an adjunct professor at the Hofstra University Graduate Journalism Program. Comments? SBrinton@liherald.com or (516) 569-4000 ext. 203. Brinton’s profile and posts can be found at facebook.com/scottabrinton.