Be there deceiving yourself. Check the white neighbourhood, compare it with yours, tell me what you see. Compare the highbrow areas, compare the ghetto areas, then compare the villages. Now, tell me who is richer.
Secondly, I have joined trading group where most Africans and Europeans/Americans are. Africans might die losing above $1k to trading while those guys starts their trading with margin of $20k+
Scroll down to the price history. As of 2011, the house was sold for about $160K. Today it's valued at over $600K. This is North Carolina, one of the average states, not particularly rich. There was ZERO real estate boom in this state, not even in the 2006 real estate craze. This is an average neighborhood in an average state, it's only recently prices have started rising. So imagine the kinds of capital being built up in places like California, Boston or Denver.
I happen to know the old Oyinbo lady that lived there. That house was probably valued at $30K in when it was built in the 1970's. It was completely paid off. Remember, 40% of all homes in the USA are completely mortgage free. She lived in that house till she was too old to manage herself, then she moved in with her daughter who lived in I think Virginia.
I tried to buy that house in 2016, I thought the price was too high because, well Raleigh is a smaller city. It was was eventually sold in 2017 for $400K and the daughter got the money. For sure she got at least $300K. Remember, this daughter is just a working person like me, likely married, probably has already bought her own home wherever she lives and accumulating more wealth based on real estate and other investments. These are ordinary Oyinbo people, middle class salt of the earth, hard working Americans. By American standards they NOT wealthy.
Oga, $300K is how much naira? That's ₦300 million. How many Nigerians are worth that amount? We're not talking of life insurance benefits from the dead husband, not stock investment, no retirement or pension payments.
The person that bought that home in 2017 has already made a $200K profit if they sell today. For sure they'll walk away with over $100K.
I've given you a REAL LIFE example that I happen to know personally. If you visit your own home village in Nigeria, look around. I know that most of the newer homes in the past 10 to 20 years have been built by people living abroad. You know how many of them get the money? I'll tell you what TWO of my own friends did to build their homes in Nigeria.
They took out LOANS on the increased value of their homes. I know a taxi driver married to a care worker who did exactly that.
Guy there's an Asian friend of mine, I've already told him I talk about him online and use his family as an example when I talk to other Nigerians in real life. Get a load of this.
He's a pharmacist like me. His mother is a nurse, the father is a legal secretary. His brother is an engineer and the brothers wife is a medical doctor. His sister is a medical doctor.
All the people listed above lived in the same house for at least 7 years. How much money do you think they accumulated in that time? So this my friend, when he moved out in 2010, he first bought a house not far from Capitol Hill in Washington DC then later bought the home he lives in now in Columbia MD. How many Nigerians are as rich as he is?
Yes he's not White, yes Asians EARN higher incomes than Whites, but the data shows that White Americans are still WEALTHIER than Asian Americans, they're the wealthiest demographic in the USA!
The major thing I've used to illustrate is REAL ESTATE, not 401K pension accounts and stock investments and businesses owned. Real Estate is biggest form of wealth held by the middle class in the USA.
Average, ordinary Americans are very wealthy. Half of all households in the USA earn $65K/yr and above. Excluding all billionaires in America, I'm willing to bet the average family in the USA earning over $65K/yr holds more wealth AND potential wealth than the average Nigerian family earning over ₦500K/mo or ₦6 million/yr. If I make it just White families, there will be no basis for comparison, it will be like asking a toddler to enter ring with Mike Tyson.
This is why it seems Americans have little savings. As my Igbo people say it, when you see a little bird dancing on the road, there's something playing a song for him in the bush. The don't save because they don't need to. They're rich, they can solve their problems with accumulated resources.
Scroll down to the price history. As of 2011, the house was sold for about $160K. Today it's valued at over $600K. This is North Carolina, one of the average states, not particularly rich. There was ZERO real estate boom in this state, not even in the 2006 real estate craze. This is an average neighborhood in an average state, it's only recently prices have started rising. So imagine the kinds of capital being built up in places like California, Boston or Denver.
I happen to know the old Oyinbo lady that lived there, she and her husband actually bought it in the 1970s for around $30K. It was completely paid off. Remember, 40% of all homes in the USA are completely mortgage free. She lived in that house till she was too old to manage herself, then she moved in with her daughter who lived in I think Virginia.
I tried to buy that house in 2016, I thought the price was too high because, well Raleigh is a smaller city. It was was eventually sold in 2017 for $400K and the daughter got the money. For sure she got at least $300K. Remember, this daughter is just a working person like me, likely married, probably has already bought her own home wherever she lives and accumulating more wealth based on real estate and other investments. These are ordinary Oyinbo people, middle class salt of the earth, hard working Americans. By American standards they NOT wealthy.
Oga, $300K is how much naira? That's ₦300 million. How many Nigerians are worth that amount? We're not talking of life insurance benefits from the dead husband, not stock investment, no retirement or pension payments.
The person that bought that home in 2017 has already made a $200K profit if they sell today. For sure they'll walk away with over $100K.
I've given you a REAL LIFE example that I happen to know personally. If you visit your own home village in Nigeria, look around. I know that most of the newer homes in the past 10 to 20 years have been built by people living abroad. You know how many of them get the money? I'll tell you what TWO of my own friends did to build their homes in Nigeria.
They took out LOANS on the increased value of their homes. I know a taxi driver married to a care worker that did exactly that.
Guy there's an Asian friend of mine, I've already told him I talk about him online and use his family as an example when I talk to other Nigerians in real life. Get a load of this.
He's a pharmacist like me. His mother is a nurse, the father is a legal secretary. His brother is an engineer and the brothers wife is a medical doctor. His sister is a medical doctor.
All the people listed above lived in the same house for at least 7 years. How much money do you think they accumulated in that time? So this my friend, when he moved out in 2010, he first bought a house not far from Capitol Hill in Washington DC then later bought the home he lives in now in Columbia MD. How many Nigerians are as rich as he is?
Yes he's not White, yes Asians EARN higher incomes than Whites, but the data shows that White Americans are still WEALTHIER than Asian Americans, they're the wealthiest demographic in the USA!
The major thing I've used to illustrate is REAL ESTATE, not 401K pension accounts and stock investments and businesses owned. Real Estate is biggest form of wealth held by the middle class in the USA.
Average, ordinary Americans are very wealthy. Half of all households in the USA earn $65K/yr and above. Excluding all billionaires in America, I'm willing to bet the average family in the USA earning over $65K/yr holds more wealth AND potential wealth than the average Nigerian family earning over ₦500K/mo or ₦6 million/yr. If I make it just White families, there will be no basis for comparison, it will be like asking a toddler to enter ring with Mike Tyson.
This is why Americans have no savings. As my Igbo people say it, when you see a little bird dancing on the road, there's something playing a song for him in the bush. The don't save because they don't need to. They're rich, they can solve their problems with accumulated resources.
Have a good day and Good Luck to Nigeria.
dont waste your time with this MT guy, he is obviously trolling.
Scroll down to the price history. As of 2011, the house was sold for about $160K. Today it's valued at over $600K. This is North Carolina, one of the average states, not particularly rich. There was ZERO real estate boom in this state, not even in the 2006 real estate craze. This is an average neighborhood in an average state, it's only recently prices have started rising. So imagine the kinds of capital being built up in places like California, Boston or Denver.
I happen to know the old Oyinbo lady that lived there, she and her husband actually bought it in the 1970s for around $30K. It was completely paid off. Remember, 40% of all homes in the USA are completely mortgage free. She lived in that house till she was too old to manage herself, then she moved in with her daughter who lived in I think Virginia.
I tried to buy that house in 2016, I thought the price was too high because, well Raleigh is a smaller city. It was was eventually sold in 2017 for $400K and the daughter got the money. For sure she got at least $300K. Remember, this daughter is just a working person like me, likely married, probably has already bought her own home wherever she lives and accumulating more wealth based on real estate and other investments. These are ordinary Oyinbo people, middle class salt of the earth, hard working Americans. By American standards they NOT wealthy.
Oga, $300K is how much naira? That's ₦300 million. How many Nigerians are worth that amount? We're not talking of life insurance benefits from the dead husband, not stock investment, no retirement or pension payments.
The person that bought that home in 2017 has already made a $200K profit if they sell today. For sure they'll walk away with over $100K.
I've given you a REAL LIFE example that I happen to know personally. If you visit your own home village in Nigeria, look around. I know that most of the newer homes in the past 10 to 20 years have been built by people living abroad. You know how many of them get the money? I'll tell you what TWO of my own friends did to build their homes in Nigeria.
They took out LOANS on the increased value of their homes. I know a taxi driver married to a care worker that did exactly that.
Guy there's an Asian friend of mine, I've already told him I talk about him online and use his family as an example when I talk to other Nigerians in real life. Get a load of this.
He's a pharmacist like me. His mother is a nurse, the father is a legal secretary. His brother is an engineer and the brothers wife is a medical doctor. His sister is a medical doctor.
All the people listed above lived in the same house for at least 7 years. How much money do you think they accumulated in that time? So this my friend, when he moved out in 2010, he first bought a house not far from Capitol Hill in Washington DC then later bought the home he lives in now in Columbia MD. How many Nigerians are as rich as he is?
Yes he's not White, yes Asians EARN higher incomes than Whites, but the data shows that White Americans are still WEALTHIER than Asian Americans, they're the wealthiest demographic in the USA!
The major thing I've used to illustrate is REAL ESTATE, not 401K pension accounts and stock investments and businesses owned. Real Estate is biggest form of wealth held by the middle class in the USA.
Average, ordinary Americans are very wealthy.Half of all households in the USA earn $65K/yr and above. Excluding all billionaires in America, I'm willing to bet the average family in the USA earning over $65K/yr holds more wealth AND potential wealth than the average Nigerian family earning over ₦500K/mo or ₦6 million/yr. If I make it just White families, there will be no basis for comparison, it will be like asking a toddler to enter ring with Mike Tyson.
This is why Americans have no savings. As my Igbo people say it, when you see a little bird dancing on the road, there's something playing a song for him in the bush. The don't save because they don't need to. They're rich, they can solve their problems with accumulated resources.
Have a good day and Good Luck to Nigeria.
Figures, they say, don't lie.
Most of the figures you threw here are just your own assumptions. Everything you wrote centre around mortgages. How many americans are home owners? Most of the mortgages are wrapped in bubble, and always remember a time is coming there will be a bust. It happened in 2008 and lot of individuals committed suicide, and the world housing market was seriously impacted.
Does it take only home ownership to be above average. You veered from the topic of discussion.
You CLAIMED that:
1. Average, ordinary Americans are very wealthy - WEALTHY you say? That was an exaggerated lie !. 10% of earners in the US own 69% of the total wealth in 2023 while 50 percent of earners only owned 2.5 percent of the total wealth. So tell me how are ordinary Americans considered wealthy, according to your claim? (https://www.statista.com/statistics/203961/wealth-distribution-for-the-us/)
@IbeOkehie you are just throwing up your own ASSUMPTIONS as FACTS.
Why most arguments dovetail to comparing Nigeria to America will never cease to amaze me. The discourse is most whites are not as rich as it seems. You started to compare Nigeria to US. Most Americans live on debt. They use credit cards which they need to pay back with interest. It is the system that makes most of them to APPEAR rich.
Please, stick to the point in a concise manner and stop veering off topic.
Most of the figures you threw here are just your own assumptions. Everything you wrote centre around mortgages. How many americans are home owners? Most of the mortgages are wrapped in bubble, and always remember a time is coming there will be a bust. It happened in 2008 and lot of individuals committed suicide, and the world housing market was seriously impacted.
Does it take only home ownership to be above average. You veered from the topic of discussion.
You CLAIMED that:
1. Average, ordinary Americans are very wealthy - WEALTHY you say? That was an exaggerated lie !. 10% of earners in the US own 69% of the total wealth in 2023 while 50 percent of earners only owned 2.5 percent of the total wealth. So tell me how are ordinary Americans considered wealthy, according to your claim? (https://www.statista.com/statistics/203961/wealth-distribution-for-the-us/)
@IbeOkehie you are just throwing up your own ASSUMPTIONS as FACTS.
Why most arguments dovetail to comparing Nigeria to America will never cease to amaze me. The discourse is most whites are not as rich as it seems. You started to compare Nigeria to US. Most Americans live on debt. They use credit cards which they need to pay back with interest. It is the system that makes most of them to APPEAR rich.
Please, stick to the point in a concise manner and stop veering off topic.
None of what you wrote there is really different from what I wrote. OK let's assume 23% of homes are mortgage free, that's still a good number, almost ONE QUARTER of homes and puts paid to the Anti-Japa Crew's claim that everyone is on mortgage. But I think it's actually 40% or above.
You cited AVERAGE INCOME, my figure of $65K was for MEDIAN income, there's a difference.
If 50% of Americans own only 2.5% of the total national wealth in the USA, that small percentage is still bigger than the entire Nigerian economy. After all in Nigeria, only 2.5% of bank accounts contain more than ₦500K.
You've chosen to spin all this to mean what....that the average Nigerian is wealthier than the average White American? No way Sir.
For one thing all the figures we've put up there are for Americans in general. That's why I wrote this, note the bolded:
Average, ordinary Americans are very wealthy. Half of all households in the USA earn $65K/yr and above. Excluding all billionaires in America, I'm willing to bet the average family in the USA earning over $65K/yr holds more wealth AND potential wealth than the average Nigerian family earning over ₦500K/mo or ₦6 million/yr. If I make it just White families, there will be no basis for comparison, it will be like asking a toddler to enter ring with Mike Tyson.
Americans around my age stand to inherit over $80 TRILLION in the next decade or so. It's real o, the people of this country are WEALTHY.
Oga, there's no way the average Nigerian is wealthier than the average Nigerian diasporan, not to talk of the average White American or British citizen. If after all I've outlined you're still not convinced, that's OK. I've lived in both Nigeria and the USA and I think I have a good idea what is what.
None of what you wrote there is really different from what I wrote. OK let's assume 23% of homes are mortgage free, that's still a good number, almost ONE QUARTER of homes and puts paid to the Anti-Japa Crew's claim that everyone is on mortgage. But I think it's actually 40% or above.
You cited AVERAGE INCOME, my figure of $65K was for MEDIAN income, there's a difference.
You've chosen to spin all this to mean what....that the average Nigerian is wealthier than the average White American? No way Sir.
For one thing all the figures we've put up there are for Americans in general. That's why I wrote this, note the bolded:
Oga, there's no way the average Nigerian is wealthier than the average Nigerian diasporan, not to talk of the average White American or British citizen. If after all I've outlined you're still not convinced, that's OK. I've lived in both Nigeria and the USA and I think I have a good idea what is what.
Cheers, always good to chat.
Good Luck to Nigerians.
The bolded is where you were missing it.
The thread is NOT about comparing Nigerian to American or Nigeria to US.
That was the way you were viewing and I have corrected that impression but you did not still pay attention to it.
I have lived in the US and Nigeria as well for many years.
Scroll down to the price history. As of 2011, the house was sold for about $160K. Today it's valued at over $600K. This is North Carolina, one of the average states, not particularly rich. There was ZERO real estate boom in this state, not even in the 2006 real estate craze. This is an average neighborhood in an average state, it's only recently prices have started rising. So imagine the kinds of capital being built up in places like California, Boston or Denver.
I happen to know the old Oyinbo lady that lived there. That house was probably valued at $30K in when it was built in the 1970's. It was completely paid off. Remember, 40% of all homes in the USA are completely mortgage free. She lived in that house till she was too old to manage herself, then she moved in with her daughter who lived in I think Virginia.
I tried to buy that house in 2016, I thought the price was too high because, well Raleigh is a smaller city. It was was eventually sold in 2017 for $400K and the daughter got the money. For sure she got at least $300K. Remember, this daughter is just a working person like me, likely married, probably has already bought her own home wherever she lives and accumulating more wealth based on real estate and other investments. These are ordinary Oyinbo people, middle class salt of the earth, hard working Americans. By American standards they NOT wealthy.
Oga, $300K is how much naira? That's ₦300 million. How many Nigerians are worth that amount? We're not talking of life insurance benefits from the dead husband, not stock investment, no retirement or pension payments.
The person that bought that home in 2017 has already made a $200K profit if they sell today. For sure they'll walk away with over $100K.
I've given you a REAL LIFE example that I happen to know personally. If you visit your own home village in Nigeria, look around. I know that most of the newer homes in the past 10 to 20 years have been built by people living abroad. You know how many of them get the money? I'll tell you what TWO of my own friends did to build their homes in Nigeria.
They took out LOANS on the increased value of their homes. I know a taxi driver married to a care worker who did exactly that.
Guy there's an Asian friend of mine, I've already told him I talk about him online and use his family as an example when I talk to other Nigerians in real life. Get a load of this.
He's a pharmacist like me. His mother is a nurse, the father is a legal secretary. His brother is an engineer and the brothers wife is a medical doctor. His sister is a medical doctor.
All the people listed above lived in the same house for at least 7 years. How much money do you think they accumulated in that time? So this my friend, when he moved out in 2010, he first bought a house not far from Capitol Hill in Washington DC then later bought the home he lives in now in Columbia MD. How many Nigerians are as rich as he is?
Yes he's not White, yes Asians EARN higher incomes than Whites, but the data shows that White Americans are still WEALTHIER than Asian Americans, they're the wealthiest demographic in the USA!
The major thing I've used to illustrate is REAL ESTATE, not 401K pension accounts and stock investments and businesses owned. Real Estate is biggest form of wealth held by the middle class in the USA.
Average, ordinary Americans are very wealthy. Half of all households in the USA earn $65K/yr and above. Excluding all billionaires in America, I'm willing to bet the average family in the USA earning over $65K/yr holds more wealth AND potential wealth than the average Nigerian family earning over ₦500K/mo or ₦6 million/yr. If I make it just White families, there will be no basis for comparison, it will be like asking a toddler to enter ring with Mike Tyson.
This is why it seems Americans have little savings. As my Igbo people say it, when you see a little bird dancing on the road, there's something playing a song for him in the bush. The don't save because they don't need to. They're rich, they can solve their problems with accumulated resources.
Have a good day and Good Luck to Nigeria.
The statement that 40% of homes are not on mortgage doesn't necessarily equate to 40% of homeowners is crucial, highlighting a common misunderstanding of statistics. To illustrate this, I know an individual who owns over 10 homes, all without mortgage loans. In many places, Zillow and other companies have been purchasing single family homes. The key point here is that a significant portion of these homes is owned by millionaires, investors, and institutions.
Direct comparisons often overlook the intricacies of labor costs, rendering such arguments flawed. For instance, it's impractical to pay a Nigerian plumber $20/hr and then draw such parallels without considering the disparities in living costs.
The reality is that ordinary Americans are not affluent; they are grappling to meet their basic needs. I'll give you a simple example I got a 2021 Honda CRV for 33k, now I want to get the same latest model for 48k. That's about a 40% increase in cost in just over 3 years. Now how many companies have increased salaries by 10% in the last two years. Few companies have matched this surge with a corresponding 10% salary increase for their employees during the same period.
Year by year, the disposable income of the middle class continues to shrink. The assertion that a $68,000 household income is substantial appears disconnected from the economic challenges faced by many. I wouldn't accept that as a salary even a decade ago. Let's assume my medical and dental insurance costs 1k, car & Insurance 1k, rent 3k. That's 4k without taxes and other expenses. How can I survive?. Contrary to your assumptions, a $68,000 shared household income is far from comfortable, especially considering rising living costs.
It's important to note that assumptions about one's background and perspective can lead to misunderstandings. Having worked across various sectors, including health, hospitality, warehouse, construction, oil and gas, and IT, my experiences provide a nuanced understanding of the economic landscape of the US. I guess you live as a typical Nigeria without engagement with the society.
The statement that 40% of homes are not on mortgage doesn't necessarily equate to 40% of homeowners is crucial, highlighting a common misunderstanding of statistics. To illustrate this, I know an individual who owns over 10 homes, all without mortgage loans. In many places, Zillow and other companies have been purchasing single family homes. The key point here is that a significant portion of these homes is owned by millionaires, investors, and institutions.
Direct comparisons often overlook the intricacies of labor costs, rendering such arguments flawed. For instance, it's impractical to pay a Nigerian plumber $20/hr and then draw such parallels without considering the disparities in living costs.
The reality is that ordinary Americans are not affluent; they are grappling to meet their basic needs. I'll give you a simple example I got a 2021 Honda CRV for 33k, now I want to get the same latest model for 48k. That's about a 40% increase in cost in just over 3 years. Now how many companies have increased salaries by 10% in the last two years. Few companies have matched this surge with a corresponding 10% salary increase for their employees during the same period.
Year by year, the disposable income of the middle class continues to shrink. The assertion that a $68,000 household income is substantial appears disconnected from the economic challenges faced by many. I wouldn't accept that as a salary even a decade ago. Let's assume my medical and dental insurance costs 1k, car & Insurance 1k, rent 3k. That's 4k without taxes and other expenses. How can I survive?. Contrary to your assumptions, a $68,000 shared household income is far from comfortable, especially considering rising living costs.
It's important to note that assumptions about one's background and perspective can lead to misunderstandings. Having worked across various sectors, including health, hospitality, warehouse, construction, oil and gas, and IT, my experiences provide a nuanced understanding of the economic landscape of the US. I guess you live as a typical Nigeria without engagement with the society.
The bolded says it all, and I AGREE with your submission.
Thanks for being real and honest with your post.
I have picked hole, with facts, in @IbeOkehie argument but he would not just yield.
I repeat the whites are NOT as rich as it appears!
The "Asians" here have to be specific. If it is East Asians, they are wealthier and have developed and functioning societies than anywhere in Africa. If it is South Asians or some parts of South East Asians, then I can understand your pains. However, by looking at the economic growth rates of certain South East Asian countries, if they maintain those growth rates and do not experience devastating conflicts, I see them becoming solidly middle-class by the middle of the century. The fact their biggest trade partner is China (not just commodities, but finished goods) means they have hooge prospects of becoming prosperous. When that happens, it will remain parts of South Asia, parts of the Middle East and sub-Saharan Africa that would be poor. Considering we are more populated than those regions, we would, as sub-Saharan Africans, be the poorest of all inhabitants worldwide. That would be morally demoralising.
Ol' boy I was shocked that even Bangladesh is making good progress towards middle income development. And it's always the same formula - free markets, deregulate prices, float the currency or at least weaken controls on it. Nothing mysterious.
Why you are upending the discourse amazes me. I appreciate the fact you were civil in your submission to.
I am not comparing country to country. That is the regular argument here.
I am talking of PERCEPTION of whites has been so rich than the black.
How many families in the US has generations passed to them. You need to look at ratio of the citizens living there. I will appreciate a data to back up your arguments.
Do you know US has one of the highest homelessness in the world? How many of them have savings?
What I am saying is their countries cant be compared to Nigeria , it is far better off but the citizens are not as rich as Africans perceive.
This is the US poverty level as at September, 2023:
What a dumb comparison. Poverty in the West is different to Poverty in Africa. Poverty in Africa is like none other on this planet. Poor in the West will still have basic amenities like constant power, running water etc that’s not for the poor in Africa. Compared to Africa (even for the poor), America is Disneyland compared to Africa.
What a dumb comparison. Poverty in the West is different to Poverty in Africa. Poverty in Africa is like none other on this planet. Poor in the West will still have basic amenities like constant power, running water etc that’s not for the poor in Africa. Compared to Africa (even for the poor), America is Disneyland compared to Africa.
To measure poverty level, three steps need to be taken. 1. Defining an indicator of welfare. 2.Establishing a minimum acceptable standard of that indicator to separate the poor from the non-poor (the poverty line). 3.Generating a summary statistic to aggregate the information from the distribution of this welfare indicator relative to the poverty line.
On 1, Nigeria is no where to be found on welfare package for the citizen, extremely poor. On 2 minimum acceptable level for one to be rich is #500k per month salary, one can still live average life, having personal car, modest house etc. How many Nigerian earn above #500k per month? .on 3 statistics to aggregate the distribution of wealth in Nigeria is not reliable as most acclaimed rich people wealth are not transparent as most are into shady dealings. To be sincere unless one just deceiving himself, large percentage of Nigerians are poor. Those acclaimed weathy individual like otedola are one in million. They are just outliers. In summary, Average White live far better life than Average Nigeria
To measure poverty level, three steps need to be taken. 1. Defining an indicator of welfare. 2.Establishing a minimum acceptable standard of that indicator to separate the poor from the non-poor (the poverty line). 3.Generating a summary statistic to aggregate the information from the distribution of this welfare indicator relative to the poverty line.
On 1, Nigeria is no where to be found on welfare package for the citizen, extremely poor. On 2 minimum acceptable level for one to be rich is #500k per month salary, one can still live average life, having personal car, modest house etc. How many Nigerian earn above #500k per month? .on 3 statistics to aggregate the distribution of wealth in Nigeria is not reliable as most acclaimed rich people wealth are not transparent as most are into shady dealings. To be sincere unless one just deceiving himself, large percentage of Nigerians are poor. Those acclaimed weathy individual like otedola are one in million. They are just outliers. In summary, Average White live far better life than Average Nigeria
I agree with your analysis. People that say that ‘Nigeria’ is not that bad are either delusional Afrocentrists or the ones that think VIA,Banana Island, Ikoyi, Lekki,Port Harcourt and Abuja are representative of Nigeria’s status. Outside of that, Nigeria is a hell scape. In fact, It’s an insult to hell. People that say “Nigeria get money” are in an illusion. Stats show otherwise
1. There are so many indicators of welfare. In the US, There welfare system is by no means the best. It certainly not at the level of Europe and quite to distant to Canada,Australia, Newzealand among other developed nations. But it is light years ahead of what is seen in Africa. Most African nations do not have a welfare state. What welfare state is in Nigeria? The same country where corrupt politicians siphon the wealth of the nation to fund their extravagant lifestyle there and to send their kids overseas? Africa is the kind of an environment where you will have filthy rich individuals in heavily fortified palaces with all these expensive cars and other material things. Yet not quite a few yards from that heavily fortified palace you will see a half or fully naked child that can’t even feed and clothe themselves. Inequality in that society is dystopian. It is bleeped up. But Westerners actually have some sort of empathy and a moral compass unlike their African counterparts. US Welfare also varies on the states. Democrat states like California, Massachusetts, New Hampshire etc have welfare systems comparable to that of even Europe. Republican ones like Texas,Florida and Georgia etc not so much but still have a welfare system in place. The US spends 2.3 trillion USD a year on “on federal and state social programs include cash assistance, health insurance, food assistance, housing subsidies, energy and utilities subsidies, and education and childcare assistance” The West has doesn’t have real problems. They have problems of a rich society. No country that spends anywhere that amount of money on welfare for its citizens can be described as poor. That alone is around 2/3rds of Africa’s Gross Domestic Product.
2. We haven’t even gotten onto other factors one has to consider when comparing living standards of people in different nations such as infrastructural development, HDI, access to healthcare, GDP Per Capita, Life Expectancy, Infant and Maternal Rates Safety. Nigeria and Africa rank terribly when compared to the rest of the world.
Added on to the fact that when analysing the differences in development between The USA/Western World and Nigeria/Africa be it scientifically,socially,politically,economically,technologically etc. The Western World is light years ahead of Nigeria and Africa.Thus, The Average Westerner even amongst the poorest of them enjoys a far better quality of life than an African. There is no continent that’s tougher to survive than Africa. If you can survive in the jungle. You can survive anywhere. It’s why Nigerians in the diaspora tend to be highly successful. They have seen and experienced the worst of the worst.
MT: I have read countless submissions from Nairaland and I am always shocked how westerners especially are perceived as very wealthy.
This reflects in the way they are treated when they visit our continent. Most Nigerians are subservient to them, thinking that the whites are quite rich. The whites get the feedback and they look down on africans as the sons and daughters of their former slaves.
You will see a Nigeria graduate having an illiterate white as friends, and still feel so privileged to have them as friends. Taking pictures and posting on social media showing the world that he now has white friends; the whites that ought to be under him in levels.
This also informs the japa when majority feel that once they get visa, they are going into very "rich" land where their hopes will be realised.
Like I have written countless times, it is all an "illusion". It is a culture of debt. Westerners hardly pay fully for anything. They owe their lives to the banks and they must repay by installment at the end of every month.
Why don't africans realise that most whites save for years before they can embark on any trip anywhere? Lot of people outrightly own their houses in Nigeria, while the whites are paying mortgage at the end of each month. Tell me where is the real wealth?
I am not talking about state of the country, I am addressing some people mindsets as Africans.
Is it inferiority complex or lack of exposure that is troubling Nigerians or result of too much Hollywood movie?
Can this perspective change with time?
The people you speak about in Africa are in the minority. It’s not even up to 1%. When it comes to absolute wealth, Africa is nowhere near the rest of the world. Africa barely accounts for 3% of the global economy making it economically irrelevant.
The people you speak about in Africa are in the minority. It’s not even up to 1%. When it comes to absolute wealth, Africa is nowhere near the rest of the world. Africa barely accounts for 3% of the global economy making it economically irrelevant.
Learn to separate the people from the country.
Africa is different from Africans.
You are missing the point.
US is a wealthy country but has one of the largest homeless people in the world.
Read the content of the topic. Don't attempt to change it and impose your own thought. You are miles off the topic.
US is a wealthy country but has one of the largest homeless people in the world.
Read the content of the topic. Don't attempt to change it and impose your own thought. You are miles off the topic.
You’re a fool. Your ways of measuring wealth is so stupid. Having a credit system doesn’t make one poor. The Credit system is there because those countries are wealthy. There is trust that they will be able to pay it back.
I’m not changing the topic. You’re trying to argue against the idea that westerners aren’t richer than African. When they are
A rich westerner is far far richer than a rich African
A middling westerner is considerably better off than a middling African
A poor westerner is also far better off than a poor African (welfare system). The US alone has a budget of 1.3 Trillion USD to the social security of its citizens. That is 1/3rd of Africa’s GDP. Poverty in Africa is like non other on this planet. What welfare package does Nigeria have ? 😂😂😂
You fail to understand that poverty and wealth are relative. No one is stating that westerners are rich. But they are richer compared to the rest of the world. They are far far richer than Africans on average.
I don’t understand some Nigerians. You think having a few affluent neighbourhoods makes the country rich? When most Africans live on less than 5 dollars a day. The amount of money flowing through the likes of London, New York, San Francisco and Paris alone is more than the GDP of the entire African continent. Africa is the poorest continent in the world. By a ridiculous margin. That is the truth. Africans are nowhere near as rich as people from the other parts of the world. Thus your thread is BS.
You’re a fool. Your ways of measuring wealth is so stupid. Having a credit system doesn’t make one poor. The Credit system is there because those countries are wealthy. There is trust that they will be able to pay it back.
I’m not changing the topic. You’re trying to argue against the idea that westerners aren’t richer than African. When they are
A rich westerner is far far richer than a rich African
A middling westerner is considerably better off than a middling African
A poor westerner is also far better off than a poor African (welfare system). The US alone has a budget of 1.3 Trillion USD to the social security of its citizens. That is 1/3rd of Africa’s GDP. Poverty in Africa is like non other on this planet. What welfare package does Nigeria have ? 😂😂😂
You fail to understand that poverty and wealth are relative. No one is stating that westerners are rich. But they are richer compared to the rest of the world. They are far far richer than Africans on average.
I don’t understand some Nigerians. You think having a few affluent neighbourhoods makes the country rich? When most Africans live on less than 5 dollars a day. The amount of money flowing through the likes of London, New York, San Francisco and Paris alone is more than the GDP of the entire African continent. Africa is the poorest continent in the world. By a ridiculous margin. That is the truth. Africans are nowhere near as rich as people from the other parts of the world. Thus your thread is BS.
First, why did you call me a fool when I didn't say such to you or gave you any reason to?
I will refrain from insulting you in reciprocity, I will rather educate you. You are still failing to separate the country from the citizens. Look at the US for instance, just 20% of the citizens hold the 86% of the entire wealth in the US
What becomes of the rest of the 80%. They share the remaining 14% of the wealth among themselves.
Credit system is created for the rest of the 80, so they won't have to revolt against the rich, so they can always get by, and die in debt
When having intellectual discourse, learn to be civil. Stop being emotional. If you have a superior argument backed up with facts, state it in a civil manner . It doesn't rub on you well insulting someone you have never met or seen.
First, why did you call me a fool when I didn't say such to you or gave you any reason to?
I will refrain from insulting you in reciprocity, I will rather educate you. You are still failing to separate the country from the citizens. Look at the US for instance, just 20% of the citizens hold the 86% of the entire wealth in the US
What becomes of the rest of the 80%. They share the remaining 14% of the wealth among themselves.
Credit system is created for the rest of the 80, so they won't have to revolt against the rich, so they can always get by, and die in debt
When having intellectual discourse, learn to be civil. Stop being emotional. If you have a superior argument backed up with facts, state it in a civil manner . It doesn't rub on you well insulting someone you have never met or seen.
Would you rather die of debt vs dying to diseases, bandits, terrorists or hunger? No you are an idiot FULLSTOP. You cannot access the wealth of a country simply because of a credit system. You have to look at other indices such as GDP, GDP per capita and so on. Credit System is what actually makes the differences in wealth less visible. Someone can have a nice car and house all paid for vs someone that has those things but on credit.
You made a straw man argument. No one stated that westerners are rich. The West has problems but problems of a rich country. But they don’t have real problems especially when compared to Africa.
Why on earth compare the wealth distribution of Africa to the western world? The wealth of Africa is tied to a few bank accounts.
In every way of comparing wealth, You are wrong period. The absolute wealth of the Western World is far far far far higher than what is in Africa. The distribution of wealth in the West can be uneven. But it is not so relevant here because you are comparing the wealth of Africans to Westerners. Not the wealth distribution. Africans are poorer than Westerners. That is an indisputable fact.
Would you rather die of debt vs dying to diseases, bandits, terrorists or hunger? No you are an idiot FULLSTOP. You cannot access the wealth of a country simply because of a credit system. You have to look at other indices such as GDP, GDP per capita and so on. Credit System is what actually makes the differences in wealth less visible. Someone can have a nice car and house all paid for vs someone that has those things but on credit.
You made a straw man argument. No one stated that westerners are rich. The West has problems but problems of a rich country. But they don’t have real problems especially when compared to Africa.
Why on earth compare the wealth distribution of Africa to the western world? The wealth of Africa is tied to a few bank accounts.
In every way of comparing wealth, You are wrong period. The absolute wealth of the Western World is far far far far higher than what is in Africa. The distribution of wealth in the West can be uneven. But it is not so relevant here because you are comparing the wealth of Africans to Westerners. Not the wealth distribution. Africans are poorer than Westerners. That is an indisputable fact.
Such a waste.
Comprehension is your problem. You couldn't even relate to the subject matter.
I was trying hard for you to hide your idiocy but you lack the intelligence to understand that. Son of perdition.
Arguing with you is like talking to a brick wall. I am done with you, numbskull.
Comprehension is your problem. You couldn't even relate to the subject matter.
I was trying hard for you to hide your idiocy but you lack the intelligence to understand that. Son of perdition.
Arguing with you is like talking to a brick wall. I am done with you, numbskull.
I’m trying to comprehend the nonsense you wrote. You made a thread called “why do Nigerians think whites are richer than them” how else will one interpret that? What you’re trying to discuss is whom has the more buying power. You should have rephrased your question. If your talking about whom is richer as in had more absolute wealth and wealth on average. Offcourse Westerners are. By a ridiculous margin.
No way Sir.