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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" - Career (6) - Nairaland

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by neyoohhh: 12:12pm On Jul 13, 2021
lessonotes:
Here in Nigeria, going by the new parallel exchange rate of NGN500 to $1, my yearly rent in a 3 bedroom apartment in a remote area of Lagos is $500 (NGN250,000); yes you heard that right; $500 or $608 if were using the new CBN NAFEX rate of NGN411 to $1.

Here am considered average, and through the Grace of God I feed 3 times a day. This is all square and good if I earn $400 USD per month here in Naija.

I believe in the States, monthly house rent like the OP quoted is like $1000 USD per month; my sis in the UK too pays 1000 GBP (pounds) per month; so they have to work their socks off so as to pay monthly house rent. Likewise me down here in Naija, once I rally round and find N250k for my yearly house rent, i can go six months without job, just sleeping inside house and praying for better tomorrow, since I don't need to pay monthly house rent. In some form of sincerity, Naija is better due to what I just posited, thou i provide my water via pumping machine and generator is on me.

N50,000,000 is $100,000, which falls to $8,333 per month for an American.

According to NPR, - https://www.npr.org/2017/12/03/567602293/what-living-on-100-000-a-year-looks-like

So the OP is right, $100,000 USD per year isn't necessarily sufficient for an American and can be considered above median in the United States, but for a Nigerian earning N50,000,000 per year or $8,333 per month (4 Million plus), he is considered a millionaire, for he can ride a brand new car, live in some choicest estates, build a house and his kids will go to some very good schools. He has escaped the poverty trap, and with some good investments, he can only get richer.

You smart no be small.. Kudos
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Kennydoc(m): 12:12pm On Jul 13, 2021
TeraHawks:
How many people earn $100k annually in US? About 70% of Households in US earn below 100k annually. So you must be a big boy to earn that much in the US.

But the key issue is how much is left after paying bills and taxes.

In Naija, the equivalent is about N32m which comes to about N2.7m monthly. Do you know what you can do with N2.7m monthly? If you live in a duplex in Ikeja GRA (swimming pool inside your compound etc.), your annual rent is about N6m, so broken into months it comes to about N500k; and that is the major monthly expense o. By the time you remove rent and all other expenses, lets say every thing comes to N1.2m monthly (that is on a balling level o!). You can comfortably save N1.5m every month for a family of 4.

Now look at the US with approx $8k monthly, to live in a townhouse in a good part of town (their version of Ikeja GRA high brow area), you are looking at about $2.5k monthly (for a reasonable house). Monthly bills and every other costs for a family of 4 lets say another $3.5k (keeping it conservative). It leaves you with $2k for savings. That is approx N1m.

It's pretty close overall though the dude in Naija also has the luxury of a driver and maid.

Bottomline is, people in that pay range are living comfortably and stacking paper both at home and in the abroad.

But the person in Naija has the advantage of saving more overall. Plus, he enjoys all the amenities you can think about; good schools, good healthcare, constant power, water and security etc.


You forgot to mention that the Ikeja GRA guy probably pays school fees worth as much as 5-15m per annum for 3 children. His counterpart in Europe doesn't bother about school fees.

Another thing you need to note is that if your job pays you 1m Naira per month in Nigeria, doing the same job in the US will pay you as much as 10k dollars per month. How many Nigerians earn as much as 1 million Naira?

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by MMXX: 12:13pm On Jul 13, 2021
$100,000 is a whole lotta money whether you're earning that in the states or in naija

Only a few % of people in certain fields earn that much in the states and they're not considered poor
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Jasbi: 12:14pm On Jul 13, 2021
This argument is based on assumption, do you think an average Nigerian earns up to ₦50m annually? Except for those exploiting and stealing our money

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shegzhkn: 12:24pm On Jul 13, 2021
Adakintroy:



Lol. Me I never go so I know know. But apparently it's not what he was expecting so now he is talking about moving to Canada I think.

Yep, Great choice.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by kateskitty(f): 12:27pm On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

Like seriously what kind of stupid agreement is this...

I'm sure you haven't lived anywhere outside of Nigeria to know what being poor in US and UK like before making this useless conclusion

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by SouthSouth1914: 12:29pm On Jul 13, 2021
pafra:


Guy stay on the argument.
What can you achieve with 50m In both countries?
We are not talking about security

I am totally in the argument! House prices usually tend to go up when there are social amenities close! Conclusively, you cannot compare house prices in the USA to Nigeria. Maybe you won’t understand my argument, but this is relatively true!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by humilitypays(m): 12:38pm On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.
Lies....



Anybody that earn 50million naira is above average anywhere in the world.



50million naira = $110,000 Annual income......that's the income of a fully registered nurse with RN in the US.




Most nurses in the US that people adjudge as rich earn between $50,000 to $120,000 annually, so what nonsense are you talking about?

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Lexicon123: 12:43pm On Jul 13, 2021
There's something called purchasing power parity (PPP). In reality and assuming the things you need are locally produced, you pay less in dollar terms using your NGN income in Nigeria compared to the dollar amount payable for same item in the USA. For example, a can of coke may cost $10 in the US, but only N150 (less than a dollar) in Nigeria. Same analogy goes for housing for instance.

Unfortunately, we a consuming economy rather than a producing economy. In any case, my response to your question is that it depends.

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by pongwa(m): 12:49pm On Jul 13, 2021
DropsMic:
When my My grandma was alive she lived below $1 a day but she never went to bed hungry because she grew her own product... Back then if you dash her money she go dash the money to her lil grandkids because she had no use for it. Following the white man's definition of poverty (one who lives on less than $1 a day), you'd conclude that my grandma was poor, but in reality she was wealthy.

RIP CATHERINE
you must be related to wisdom. God bless the fingers that typed this, some people will not be able to break away from the freedom that allows you to think inwardly and independently

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Maski87: 12:51pm On Jul 13, 2021
The average income in Nigeria is70000 naira,in a country of 200million how many people earn 50million naira,compare your self to Ghana and ,Togo, not America, people who earn 30000 dollars in America are not complaining, the live in a much better and comfortable society
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 12:57pm On Jul 13, 2021
Nothing is worse than poverty of the mind, is the man earning 50m here not leaving better than the one in UK?

How many people own duplexes and mansions in UK? Only the super rich, but her in naija 50m will build a mansion, one can live well , drive an suv and not all those mini compacts that average UK citizens push around. and that is a fact.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by SIRTee15: 12:58pm On Jul 13, 2021
TeraHawks:
$65k is approx N32m which translates to N2.7m per month. With N2.7m monthly in Nigeria, there's no quality of life anybody earning $65k in US can live better than the person in Naija.

Please stop the stories.


Maybe u mean shayo, clubbing, carrying women and oppressing your neigbourhood
32 million cannot earn u real quality of life compared to someone earning 100 thousand dollars in the USA.
Accessibility to world class recreational facilities will remain a challenge and your hobbies will be limited to some mediocre club house.
Health care emergency will mess u up when u need one, u can't even afford to send your kids to expensive uni overseas..foreign exchange will mess u up.
Tesla model x may remain a mirage despite your earning potential.
Someone in the US earning same just need to move a to an upper middle class neigbourhood and the rest is settled.
His credit rating will also improve, so will be able to afford most things guys here will struggle to acquire.
The exposure that earning will attract in the us cannot be replicated in nigeria.
The recent success of the nigerian basketball team proves just that.

4 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by klawaaa: 12:58pm On Jul 13, 2021
The percent of people who earn $100k annually is less than 40 percent. about 60 percent American earns less than $15 an hour. Many Americans end up working for their wealthy individuals. They work all through their whole life working just to pay bills and loans. Some would claim they (Americans) get government reliefs which I would argue that it's the mediocre among them that need the government relief as those reliefs would always make them useless in their society because the American system has a lot of check and balance as the system is designed to be well dynamic and it's something like a give and take thing. Life in America is great for the very hardworking dudes or the smart individuals. Americans live most of the life on loans and can't afford not to work if they really want to live their American dream. Nothing is virtually free because they would pay back indirectly. Mehn, the way American systems work is somehow complex and it would take a great observer to really decifer the system. Americans end up working so hard than the europeans. Atleast, I would say if their (American) government makes their education somehow free-cost to bachelor degree would reduce the level of the poor in their society just how some European countries did, my observation though. Thanks and God bless some founding fathers in Nigeria, the likes of Awolowo giving the South-westerners access to free education. I just hope soon that God will get rid of our corrupt leaders, though it might not be in this current generation but I still believe what God can not change does not exist! Disclaimer: all said here are my personal research and/or opinion not fact because they are not yet proven! Thank you.

1 Like 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by bukatyne(f): 1:00pm On Jul 13, 2021
There is nowhere in the world earning N50m/annum ($100k) is considered poor or lower middle class. undecided

That person is rich in Nigeria and edging towards upper middle class in other societies using the dollar as a base line.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Newboss(m): 1:11pm On Jul 13, 2021
OP did they curse you very early in life? As in, you dey craze? $100k average? With that annual salary, you can afford any lifestyle anywhere in the world. Tech guys in the $100k range must have some exceptional skills or some valuable years of experience.

No be any trash that enter your head you must post. Anuofia
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by SIRTee15: 1:12pm On Jul 13, 2021
pafra:


Guy stay on the argument.
What can you achieve with 50m In both countries?
We are not talking about security

Apart from building ugly mansions with concrete floors, throwing meaningless parties and messing around with olosho girls; theres no way your money can achieve more than someone in the USA earning same amount.
When it comes to buying cars, flying first class tickets, sending kids to world class expensive universities, going on dream holidays etc the guy in USA has the edge.
Why? because the above are quantified in nominal value where your naira becomes useless. U all get charged the same rate. The purchasing parity disappear.

Let's not mention world class health facilities that's practically non existent in nigeria.

The naija guy will likely struggle to get adequate amount of dollars n hustle for visa.
The USA guy all need to be credit worthy to enjoy all those things I mentioned. That's the big difference.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by SIRTee15: 1:21pm On Jul 13, 2021
klawaaa:
The percent of people who earn $100k annually is less than 40 percent. about 60 percent American earns less than $15 an hour. Many Americans end up working for their wealthy individuals. They work all through their whole life working just to pay bills and loans. Some would claim they (Americans) get government reliefs which I would argue that it's the mediocre among them that need the government relief as those reliefs would always make them useless in their society because the American system has a lot of check and balance as the system is designed to be well dynamic and it's something like a give and take thing. Life in America is great for the very hardworking dudes or the smart individuals. Americans live most of the life on loans and can't afford not to work if they really want to live their American dream. Nothing is virtually free because they would pay back indirectly. Mehn, the way American systems work is somehow complex and it would take a great observer to really decifer the system. Americans end up working so hard than the europeans. Atleast, I would say if their (American) government makes their education somehow free-cost to bachelor degree would reduce the level of the poor in their society just how some European countries did, my observation though. Thanks and God bless some founding fathers in Nigeria, the likes of Awolowo giving the South-westerners access to free education. I just hope soon that God will get rid of our corrupt leaders, though it might not be in this current generation but I still believe what God can not change does not exist! Disclaimer: all said here are my personal research and/or opinion not fact because they are not yet proven! Thank you.

Leave story.
Enter USA legally , get good education. Focus on STEM degree in universities. Stay away from drugs and crime.
Come back n give testimonies within 5 yrs.
Common Nurses are pulling 120 thousand dollars within 4 yrs of qualification.
Software engineers are being offered 100 thousand dollars straight out of college.
Phd holders in machine learning earn 300 thousand dollars post qualification.
Have u ever wondered why indians are the highest income earners in USA.
U are there talking about high school graduate earning 30 thousand dollars. What's your own with them?
America has 18 million millionaires and still counting.
Focus and be one of them rather than comparing yourself with high school drop out.
So long as the dollar remain the global currency, America will continue to be the dream land.

This is a 25 years old naija girl who earns 210 thousand dollars in New York. Yet una wan kill unasef over mere 100 thousand dollars.

https://www.youtube.com/watch?v=iQ6u4tCi4cY

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Hungarriman: 1:25pm On Jul 13, 2021
DropsMic:
When my My grandma was alive she lived below $1 a day but she never went to bed hungry because she grew her own product... Back then if you dash her money she go dash the money to her lil grandkids because she had no use for it. Following the white man's definition of poverty (one who lives on less than $1 a day), you'd conclude that my grandma was poor, but in reality she was wealthy.

RIP CATHERINE
The thing is your grandma was actually not living below one dollar per day, those village people d chop life, abegi. Bushmeat + Goatmeat + all other produce don't pass $1 per day well well ooo. Infact most people dey really chop wells if dem enter villa, guy village chopping na with reckless abandon ooo.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by KosiGee(m): 1:37pm On Jul 13, 2021
Grupo:
Lol. You don't know what you are saying.

50m naira is equivalent of 100k dollars using today's exchange rate.

Anybody that earns that in the US and UK is in middle class.

Average income in the US is around 31k dollars.

100k dollars is times 3 of that.

Just shut up abeg.


It’s actually you who doesn’t know what he is yapping about.

N50m is lots of money and anyone who earns that in any part of world will live comfortably.

Some doctors in the UK don’t get up to that.

N50m is a lot of money. It doesn’t matter where you live.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by 23n23: 1:42pm On Jul 13, 2021
The vice president of the USA earns a salary of $151,358 per year and someone is here mentioning 50M.

You guys should go and find work abeg�
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by HBB1(m): 1:46pm On Jul 13, 2021
Grupo:
Lol. You don't know what you are saying.

50m naira is equivalent of 100k dollars using today's exchange rate.

Anybody that earns that in the US and UK is in middle class.

Average income in the US is around 31k dollars.

100k dollars is times 3 of that.

Just shut up abeg.

Like big shut up!

Is 100k USD small money?

Rubbish!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by RodgersAkpafu: 1:51pm On Jul 13, 2021
SIRTee15:


Maybe u mean shayo, clubbing, carrying women and oppressing your neigbourhood
32 million cannot earn u real quality of life compared to someone earning 100 thousand dollars in the USA.
Accessibility to world class recreational facilities will remain a challenge and your hobbies will be limited to some mediocre club house.
Health care emergency will mess u up when u need one, u can't even afford to send your kids to expensive uni overseas..foreign exchange will mess u up.
Tesla model x may remain a mirage despite your earning potential.
Someone in the US earning same just need to move a to an upper middle class neigbourhood and the rest is settled.
His credit rating will also improve, so will be able to afford most things guys here will struggle to acquire.
The exposure that earning will attract in the us cannot be replicated in nigeria.
The recent success of the nigerian basketball team proves just that.
Well said
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by tekzone: 1:52pm On Jul 13, 2021
I STRONGLY AGREE! A wise man said that the strength of a material is in its universal appeal. A chair in one country cannot be a stool in another. If you are a REAL millionaire Nigeria, you have to be the same in US and UK.

EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Olivyabrown: 2:33pm On Jul 13, 2021
lessonotes:
Here in Nigeria, going by the new parallel exchange rate of NGN500 to $1, my yearly rent in a 3 bedroom apartment in a remote area of Lagos is $500 (NGN250,000); yes you heard that right; $500 or $608 if were using the new CBN NAFEX rate of NGN411 to $1.

Here am considered average, and through the Grace of God I feed 3 times a day. This is all square and good if I earn $400 USD per month here in Naija.

I believe in the States, monthly house rent like the OP quoted is like $1000 USD per month; my sis in the UK too pays 1000 GBP (pounds) per month; so they have to work their socks off so as to pay monthly house rent. Likewise me down here in Naija, once I rally round and find N250k for my yearly house rent, i can go six months without job, just sleeping inside house and praying for better tomorrow, since I don't need to pay monthly house rent. In some form of sincerity, Naija is better due to what I just posited, thou i provide my water via pumping machine and generator is on me.

N50,000,000 is $100,000, which falls to $8,333 per month for an American.

According to NPR, - https://www.npr.org/2017/12/03/567602293/what-living-on-100-000-a-year-looks-like

So the OP is right, $100,000 USD per year isn't necessarily sufficient for an American and can be considered above median in the United States, but for a Nigerian earning N50,000,000 per year or $8,333 per month (4 Million plus), he is considered a millionaire, for he can ride a brand new car, live in some choicest estates, build a house and his kids will go to some very good schools. He has escaped the poverty trap, and with some good investments, he can only get richer.

Your analysis might seem true, however, it's terribly flawed.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by TeraHawks: 2:55pm On Jul 13, 2021
I get your point but you need to understand that N32m is the equivalent of $65k which means the US guy earns $5.4k monthly whilst his Naija counterpart is pulling N2.7m monthly.

So in essence, whilst the Naija guy is saving N1.5m monthly the US guy can barely save if he is going to live in similar housing in a reasonable area.

A lot of folks today save their kids uni tuition well ahead in foreign currency. In a month, the Naija guy saves about $3K for school fees, vacation etc. In terms of Tesla or acquiring stuff, the only advantage the US guy has is the credit economy/credit score they enjoy there. But the Naija guy can plan and get his own outright over time. These days, Naija guys play the stock market in the US sef. Healthcare is good in Naija when you have money o; don't let nobody fool you. Plus its way cheaper as well. With 20k you can remove your tooth in Naija compared to thousands in US.

Abroad sweet no doubt, but if you are doing well over here in Naija, then relocating to the abroad is not for you; just go there and enjoy your money.

Selah

SIRTee15:


Maybe u mean shayo, clubbing, carrying women and oppressing your neigbourhood
32 million cannot earn u real quality of life compared to someone earning 100 thousand dollars in the USA.
Accessibility to world class recreational facilities will remain a challenge and your hobbies will be limited to some mediocre club house.
Health care emergency will mess u up when u need one, u can't even afford to send your kids to expensive uni overseas..foreign exchange will mess u up.
Tesla model x may remain a mirage despite your earning potential.
Someone in the US earning same just need to move a to an upper middle class neigbourhood and the rest is settled.
His credit rating will also improve, so will be able to afford most things guys here will struggle to acquire.
The exposure that earning will attract in the us cannot be replicated in nigeria.
The recent success of the nigerian basketball team proves just that.

4 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by abbey621(m): 3:03pm On Jul 13, 2021
quentin06:
Nothing is worse than poverty of the mind, is the man earning 50m here not leaving better than the one in UK?

How many people own duplexes and mansions in UK? Only the super rich, but her in naija 50m will build a mansion, one can live well , drive an suv and not all those mini compacts that average UK citizens push around. and that is a fact.


Can you call police during an home invasion or emergency and they show up within 5 minutes? Can you call during an accident and have ambulances and helicopter show up within 10 minutes to save your life? Can you travel at night to any part of the country and not fear the death trap that we call roads? Can your kids go to school peacefully without worrying about kidnappers? Is your salary guaranteed to be paid without delay ever? Will your pension be paid once you retire?

A robbery victim was sshot and taken to the hospital, instead of them to start treatment they required a police report even tho the victim's father had millions to put down.....This is what you call living well?

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by abbey621(m): 3:11pm On Jul 13, 2021
TeraHawks:
I get your point but you need to understand that N32m is the equivalent of $65k which means the US guy earns $5.4k monthly whilst his Naija counterpart is pulling N2.7m monthly.

So in essence, whilst the Naija guy is saving N1.5m monthly the US guy can barely save if he is going to live in similar housing in a reasonable area.

A lot of folks today save their kids uni tuition well ahead in foreign currency. In a month, the Naija guy saves about $3K for school fees, vacation etc. In terms of Tesla or acquiring stuff, the only advantage the US guy has is the credit economy/credit score they enjoy there. But the Naija guy can plan and get his own outright over time. These days, Naija guys play the stock market in the US sef. Healthcare is good in Naija when you have money o; don't let nobody fool you. Plus its way cheaper as well. With 20k you can remove your tooth in Naija compared to thousands in US.

Abroad sweet no doubt, but if you are doing well over here in Naija, then relocating to the abroad is not for you; just go there and enjoy your money.

Selah


Average tooth removal in the USA is less than $300 without complications and if you have insurance you won't even pay $100. You mentioned healthcare is better, how long does it take for the ambulance to show up during an emergency? Are victims being treated immediately if they got shot or stabbed? The danger of comparing currencies is that we don't factor in economic realities. For a person in 9ja to earn 50 million annually, he or she must be in the top 5-7% of the Nigerian workforce this is not the same for the USA, in yankee that is the top 35-40% of the workforce. If we truly wanted to compare apples to apples and oranges to oranges, we should compare income brackets, can a top 7% earner in the USA live as comfortably as a top 7% earner in Nigeria? This will make a better and more realistic argument.

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Gmajor(m): 4:16pm On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.


This is a blatant case of false equivalence.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by stansmart(m): 4:19pm On Jul 13, 2021
100k is decent income in USA but in some cities like San Francisco and nyc it is considered poor
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by neyoohhh: 4:26pm On Jul 13, 2021
100k usd in any country is good money.

Even a networth of 100k usd in the us is a big deal not to mention income per annum.
Simple.

The average networth of Americans by age/ property ownership.

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by uthlaw: 5:09pm On Jul 13, 2021
TeraHawks:
How many people earn $100k annually in US? About 70% of Households in US earn below 100k annually. So you must be a big boy to earn that much in the US.

But the key issue is how much is left after paying bills and taxes.

In Naija, the equivalent is about N32m which comes to about N2.7m monthly. Do you know what you can do with N2.7m monthly? If you live in a duplex in Ikeja GRA (swimming pool inside your compound etc.), your annual rent is about N6m, so broken into months it comes to about N500k; and that is the major monthly expense o. By the time you remove rent and all other expenses, lets say every thing comes to N1.2m monthly (that is on a balling level o!). You can comfortably save N1.5m every month for a family of 4.

Now look at the US with approx $8k monthly, to live in a townhouse in a good part of town (their version of Ikeja GRA high brow area), you are looking at about $2.5k monthly (for a reasonable house). Monthly bills and every other costs for a family of 4 lets say another $3.5k (keeping it conservative). It leaves you with $2k for savings. That is approx N1m.

It's pretty close overall though the dude in Naija also has the luxury of a driver and maid.

Bottomline is, people in that pay range are living comfortably and stacking paper both at home and in the abroad.

But the person in Naija has the advantage of saving more overall. Plus, he enjoys all the amenities you can think about; good schools, good healthcare, constant power, water and security etc.

so if my salary na #100k a month 4 naija.... make I no Leave b dat!

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