I guess I'm a millionaire here in the Philippines. In pesos. I've never been a millionaire in US dollars or even close to it.
But don't forget that the individual debt is huge in Switzerland, about 103% of the GPD, so maybe you habe a 1M$ house but you have an enormous loan...
For example, it is not uncommon at all having to pay 1 million and more to buy a property (probably also the reason why property ownership in Switzerland is amongst the lowest in Europe).
If one does decide to take up such a huge loan and pays it off after like 40 years (wages in Switzerland are also higher) then that would technically make them millionaire on paper, but these are still middle class people and probably all in their 60s and 70s.
I look at the salaries for jobs in London and it's really pathetic compared to what you can make in San Francisco or Seattle.
Detail: Joseph Safra is Lebanese naturalized Brazilian, and João Paulo Lemann is Swiss naturalized Brazilian. In other words, I would never imagine Brazil on the list.
now... a system that allows for there to be so many billionaires.... that's a little more of a concern. But it's not the same thing as capitalism.
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