World’s Richest Nation? Not The United States
U-S-A! We’re number one! Not really, according to PARADE magazine’s IntelligenceReport. From the August 17 issue:
Despite what the Presidential candidates are saying, America is not the world’s richest nation. If you run the numbers, Switzerland has a higher median household income ($62,000, compared with our $48,000). And, at $44,000, our per capita GDP (the amount of national income generated per citizen) has fallen to third: The tiny nation of Luxembourg leads the way, with $78,000; Norway is second, with $52,000. Last year, the number of millionaires in China, Russia, and India grew faster than in the U.S.
Income inequality also is greater in the U.S. than in other developed nations, and some economists believe that makes us more vulnerable to hitting the skids than the rest of the world. “Low-wealth children are unlikely to become high-wealth adults, while high-wealth children are very likely to become high-wealth adults,” says Dalton Conley of the Center for American Progress, a Washington think tank. “That should sound alarms for policymakers.”
Source: HeavyWhimsy.com
Source:
“The World’s Richest Nation?”
PARADE (IntelligenceReport), August 17, 2008
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