As someone born and raised in SH, I think it is fair to say this one of the best and most honest interviews. Great job to both the interviewer and interviewees.
My thought as an old resident of Shanghai: 1) These people in the interview are all the middle class. They think that earning one million RMB a year in salary is the definition of being rich. Its not. Rich people do not need a salary. They have return of investment to worry about and have personal networth to impress the bank (to loan them for more money). If your main income is your salary, then you are not rich, you are making your boss rich. 2) What is poor in Shanghai? Actually, there is only very few local that is "stuck" in Shanghai due to poverty. Most local inherit great amount of wealth from their parents and have relatively stable jobs. There are of course a few local that gamble away their money to poverty, but it is very rare. The "poor" are mainly recent graduates flocking to shanghai in search of work. I would not consider them poor either. They can always fall back to their hometown and resettle with their family if things get too rough for them in Shanghai. These people are not even Shanghai residence, therefore it is a stretch to include them in the calculation of wealth disparity in Shanghai. A salary below 8000 RMB is probably what I consider being poor in Shanghai, but not poverty level poor. They can get by but cannot take vacation, eat out everyday or save any significant amount of money.
Can I ask something that might be a stupid question? We have homeless and genuinely poor people in my city (Melbourne). Some of them came from other parts of Australia, or the same state. Sometimes it is because there is better services available for the homeless, or for people who have other issues which cause them to become homeless, like drug addiction. Are there not people like that in Shanghai. You mention someone who gambles. What about someone with complex mental health issues, and no family? Is there adequate government support for them, that you can say they are not precisely 'in poverty'? Melbourne is a very rich city, but politically it seems that we don't make the choice to solve these issues, while other places do. I know this can be a seedy topic, but I'm genuinely interested in how China deals with this stuff.
@@jamesrowlands8971 I am a Canadian and used to live in Vancouver. The things you describe happens in Vancouver as well and thats why today there are tent cities in Vancouver while the rich lives in multimillion dollar homes. How is this different than China? 1) China has the hukou system. If you don't have the hukou (resident permit) of the city you live in, you do not get the welfare service of the city. This ancient system (thousands of years ago) is still in use today because to prevent the exact problem you describe in your city. 2) These jobless and homeless people in Shanghai would rather go home than to starve on the street. There are strict rules to where you can sleep at night if you are homeless. You don't see homeless people often in shanghai and you can probably see them around the end of the year near Chinese New Year or right after Chinese new year. These temporary homeless are waiting to go home for Chinese New Year or waiting for a new job after Chinese New Year. Would people choose to be homeless and hungry if they have the option of a proper shelter and proper food? I am pretty sure they will choose the latter. 3) Its actually not easy to be homeless in China. There is no stigma in living with the parents and most parents are willing to shelter their children in their homes even if their relationship wasn't that good. 4) Its relatively easy to find a job in China as a PRC citizen if you are willing to work hard. There are many fall back jobs such as being delivery man or becoming Didi drivers. Many become jobless because they do not want to do those job due to various social reason such as pride or having the option to stay jobless for long period of time without starving or being homeless. 5) For the mentally ill, there are gov-run place for them to stay in. However, most of the minor cases of mental illness are being taken care of by their own family members. 6) Chinese in general accept that they don't live in a welfare society and must work to live. They will scramble something to make money on the side and get by. There are gov welfare but many don't even know how to apply for one or know that it exist.
It's all about the mentality. Middle class people with middle-class mentality stay middle-class or go broke. To break out of the cycle, one has to learn how the wealthy think and act, financially, socially, intellectually.
This is media. They are giving responses which someone in media would source. It is preferable to the stuffy formal news broadcasts with outdated Chinese and machine like broadcasters. Why complain or criticize? You may care about the initial issues that drew you to this video but some of these comment seems lacking thereoffz/slacking thereof
This is media. They are giving responses which someone in media would source. It is preferable to the stuffy formal news broadcasts with outdated Chinese and machine like broadcasters. Why complain or criticize? You may care about the initial issues that drew you to this video but some of these comment seems lacking thereoffz/slacking thereof
Because the location they are interviewing is probably middle upper class and these guys are extremely well educated with uni level degrees. To even get into a uni that will get you these jobs in China is a feat by itself. It has taken these guys 2x 3x the effort compared to the equivalent Western positions to get there.
40 years ago, I just graduated from university. I got pay 75 RMB at that time in Shanghai. China 🇨🇳 have been changed huge. I wish my hometown better and better in future
Being a 5th generation Shanghainese, the wealth are usually locals like my family, who were able to buy the houses cheap in the 90s and are worth millions of US dollars today. But of course some of that wealth evaporated with the housing bubble burst, but even now the median apartment still cost 30x median annual income. And after property tax was started in 2011, rent also increased a lot, so many non-locals are paying big parts of their wages to local property owners.
Yup, locals are all living off of generational wealth, but they still work and aren't lazy. I didn't know about the property tax, so I looked it up and it's only for families owning more than 60 square meters per person. That would definitely affect the people owning 2-3 investment apartments!
I'd say people should stop showing off your wealth. You would attract too much unwanted attention. Without their parents most local shanghai people can't afford houses of their own. (There are exceptions) Being a millionaire isn't rich. Because being a billionaire is a reality at the moment.
I just want to say that the translation is very good! Sometimes it's difficult to capture the meaning and often times a direct translation does not work.
that's universal. my friend, or someone once said we have one or two chances in life that affects one's life. it's whether one realized and makes the best of it, or let it slips away.
The other day I had lunch with my parents in Huaihai road, one of the busiest roads in Shanghai, it was grilled meat, three of us spent in total about 20 usd, we can barely finish the food, too many different dishes were served, so Shanghai is not as expensive as you thought
US Dollar is a top currency compare to other currency that's why it looks cheaper to you. You will understand someday if you experience real world without spoon fed
In the United States, it takes $5.8 Million dollars to be in the top 1%. In South Korea, it's $2.26 million dollars (3 Billion Korean won) In China it's $1.1 million dollars (8.1 million yuan).In Singapore it's $5.1 million dollars (7 million Singapore dollars)
The relocation policy（动迁）is a big one that made tons of people rich in Shanghai. My uncle’s old apartment was picked to be demolished, so the govt provided him $10 million yuan to relocate, he spent $7 mil for an apt in the outskirts of shanghai, and still have $3 mil to spend on whatever, on top of his retirement that he is already getting, He is set for life lol
10m yuan is about 1.4m USD. 3m is about 400k. Probably enough to retire in Shanghai but not enough in western countries. The best part about China is the low cost of living. In the US to live a comfortable life you’d need at least another 1-2m usd in savings and invested well to retire comfortably at an earlier age.
My family is from Shanghai and they would always tell me "in Shanghai, there's rich people and SUPER rich people"! Every time I visit I feel it a little bit more and more. These interviews were so interesting to watch!
“What is considered rich as an employee in Shanghai” is a better title. CEO in Shanghai is not as rich as CEO in the US. The rich are ppl who own conglomerates or ppl from old money. Just by being employed is difficult to break into those circles and be rich, like some interviewees have said.
Correct, this is a big gap in China. Because investors use apartments as a store of wealth, not so much for cashflow. It must be related to how the government treats that asset class relative to others.
"Such an eye-opening interview! 🌏💬 It’s fascinating to hear perspectives on wealth in Shanghai and how it’s defined differently depending on lifestyle and expectations. This gives such a unique glimpse into the social dynamics of one of the world’s most vibrant cities. Thanks for sharing this perspective! 🙌✨
2:25 It's interesting to see a man is answering the difference of rich and poor, and Meituan delivery guy carrying as much bags as possible and in a hurry to his bike, clearly illustrate the difference of life and wealth. Probably he came from countryside and work 16+ hours to send all the money back home. That's really what we can see in the city and therefore this interview is worthwhile. Thanks.
The difference btwn man on the street videos for other countries compared to ones with Americans is an embarrassment. They are so articulate and their answers are well thought out. Great pronunciation as well. Opposite in america in most cases
We have a comedy group in Australia called The Chaser, who used to do pranks on Americans with maps and questions about the places on the map. I really wonder how they'd go in a place like Shanghai. They'd probably end up getting an education in geography.
@@KnoSigma-g2w Here in Spain it's normal to use 2/3 of income for rent, since our salaries are very low. Average is 2300 euros before 37% taxes. Median is near 1500 euros.
I live in Pudong area, close to a subway station with plenty of restaurants, malls,etc . I pay 2900 CNY (400USD) for a 38 m2 apartment which is 17% of my salary, even though I'm a bit far I can just take the subway which cost 4CNY. Living in Shanghai can be very affordable it just depends on the location, I can have a very decent breakfast for 14CNY (2USD)
19:33 very well spoken. After been to both US and China multiple times, The wealth disparity in the US is far worst with many full time workers living in vans and cars. And tents for those who are jobless. In China, homeless is virtually no existing, especially those who have a job, even if their pay is not particularly high.
Individuals with personal wealth exceeding 10 million yuan (approximately $1.4 million USD) are considered millionaires, while those with over 100 million yuan (approximately $14 million USD) are seen as super-rich. A monthly income of around 10,000 USD or more would place someone in the top 5% of earners in China. For a high-income family in Shanghai, an annual income of around 500,000 RMB (approximately $75,000 USD) is often considered rich. Shanghai is one of the most expensive cities in China, so the cost of living is higher compared to other regions. This means that higher income and wealth are often required to maintain a comfortable lifestyle. Wealth in China is also determined by assets such as real estate, stocks, and other investments. Owning valuable property in Shanghai can significantly contribute to one's wealth status.
@@heididlr5433 Shanghai apart from housing is not actually overly expensive, people living beyond their means and trying to outdo one another is what makes life in Shanghai “unaffordable”.
Here in Spain, the social-communist government says you're rich when you earn more than 60,000 euros per year, and then sets taxes to 47% when you reach those numbers
A respectable 2 bedroom apartment costs $1.5M in Shanghai. How many people are worth that much to their employer? How many companies in Shanghai even generate that much revenue throughout its lifecycle?
Shanghai publishes real estate trading data, and less than 10% of the property being traded is over 10million rmb or 1.5mil usd. Very few on a salary alone will be afford them, it’s always those who sell multiple properties pooling money and buying them.
To compare SH with US cities would be unfair since the national wage difference is too big. However it is quite easy now for fresh graduates to get a higher wage in SH than Tokyo, and that's impressive development from SH
it's absolutely not true, graduats in Shanghai are very difficult to get a job, "keng lao" 啃老 "tang ping"躺平 means no income and living with parents , that is very common in shanghai and all china.
Comparison using absolute $ income is meaningless. You need to factor in cost of living which is represented by PPP (Purchasing power parity). On top of that you also need to consider difference in tax systems, not just the tax brackets but also some countries tax you on income derived from investments and bank interests whereas some countries don't.
Just to add, income disparity differences between different locations in china are very big. The average monthly income in Shanghai is around 3.5x that of the poorest province.
China is very cheap compared with the whole world. I have been to many countries in Asia, and the basic prices in Shanghai are even cheaper than my hometown of Kaohsiung, Taiwan. In my observation, compared with Japan and Taiwan today, people in China are closer to the way of thinking of Americans and are more willing to start a business and try, which is not a common culture in East Asia or Asia.
7:24 truth! 10k salary is quite a lot in most of China. Shanghai is wealthier city but still has its blue collar laborers who are the underappreciated backbone of their respective industries.
The standarts in my country, Turkey, lowered a lot due to terrible decisions by the Turkish government and when I look at China, I realized they are the opposite of us. Their standarts and expectations from their lives increased a lot. When they realize there are many countries with much worse conditions they will realize how rich they are 😊 I hope everyone a much better, healthy and happy life
been to Shanghai for work related trip, love the city.. it was amazing, the food, the atmosphere.. i dont know for people that rent and really live there.. but to me as visitor.. its way better and cheaper compared to Singapore
@@MrColonelexe because there are way more anhui people in Shanghai. Anhui is no longer poor, but the stigma is still there. This is similar to the stigma attached to Chinese people worldwide.
@@MrColonelexewait, hebei is not poor neither. compare to Beijing it's poor, but just like anhui is only poor compare to Shanghai. their are much more poor provinces in the western china, but again people in bigger coastal cities normally don't go to that part of the country.
Just a few weeks ago, i was in Shanghai. Food was so good and cheap compared to Singapore. DaDong roast duck was only RMB288. In Singapore it would cost at least RMB600 for the same thing. Bubble tea in Shanghai only RMB7 to 10, in Singapore at least RMB15 to 30 Good hotel in Shanghai only RMB1000 a nite, in Singapore, similar hotel in city location is at least RMB2000 a nite
In Singapore, i will pay a university graduate with 2-3 yrs experience to come in as an associate an equivalent to RMB25,000 to 30,000 per month. How much does a uni grad with 3-5yr experience in financial industry earn in Shanghai?
@ oh well, perhaps you can review this interview to get some general sense on your question. I guess if you are making money in Singapore and spending in china, you will feel like a heaven. I knew that feeling when I was working in Germany and spending in Japan!
There are many ways to become upper class but working hard is not the one. You can marry to upper-class, do politic, and most importantly a bit of crime.
"Wealth" and "Income" are related but different. Being rich/wealthy reflects your assets, which probably means at a certain point in your life you had a high income but it may no longer be the case now. Personal lifestyle is also a big factor. For example, a person may have US$5M in assets and decided to live a frugal life and takes out only $50k. Another person may be earning $200k per year but spends a big chunk of it on gambling and drugs, and thus has almost no assets.
You can't talk about deposits without talking about prices. A person with $1 million in savings, in Shanghai and in New York, is in two classes, two qualities of life.😂
You can tell some Shanghainese, especially transplants are very proud of the city, even arrogant when comparing to other cities. Well, they got a reputation for that. Shanghai is definitely one of the best cities in China, but there are others are great too.
literally free. 20 USD for a CT scan, bloody tests is like $1/$2 per item. $70 for an appointment with some specialists considered as top3 in the country. Ambulance is cheaper than a uber ride in most western cities. the problem is most public hospitals in Shanghai are dirty as hell, there are things you just can't unseen, I'd say a homeless shelter in Sydney in like much nicer than a public hospital ward in Shanghai.
It's cheap in China because their government controls the Big Pharma industry. It's the opposite in the US as Big Pharnas have too much influence on politicians via political contribution and lobbyists.
6:12 holy crap! 1million - 30k is a big difference in expectations xD I also thought 30k was a huge salary in China. Even in Beijing professional, experienced software developers were only paid 20k-30k in big companies back in 2020. Obviously these were working class folk, not exactly CEOs and VPs and etc. And on that salary there was still no way of buying a home locally.
Gotta say all interviewees in this vid are not only smart but also keen on both how things going on around them in China, and how things run in the west say US, THAT'S why they look staying chill while answering questions, seeing things in a much confident manner other than acting like crying babe and complaining everything downturn in this gloomy economic circumstance.
Curious if you no longer were able to work and had no home: Would you rather have a retirement income of $200,000/year US at age 55 for the rest of your life $2,000,000 in the bank and no retirement income?
Everything is so cheap in China and some of these people want a $100,000 usd salary to live comfortably lol. Even in NYC(much more expensive than shanghai), $100,000 is enough to live comfortably.
You literally can't find any property under $700k in NYC and that includes the suburbs. Rent ranges from $1500 to $4000. If you need $100k+ to live comfortably in China, you are bad with money.
I believe the question asked was what you'd need to earn to be considered wealthy in Shanghai, not just to live comfortably. Pretty sure you're not considered wealthy making 100K in NYC.
cheap in China? average property prices in the area where the first guy took the interview is about $2.5million USD for a 2bed 1study apartment in a high rise high density building. you won't get anything fancy, just an ugly apartment shared by thousands of "neighbors". you probably won't get a car park for that price, but don't worry, an extra $250k fixes your problem. that is not a rich area, just upper middle class.
@mouseisbroken it's like asking an average new Yorkers if they can afford Manhattan property. The answer is no. Most people rent in Manhattan. If you want to own, you go to the suburbs. Now tell me, what's the property price in Shanghai suburbs? I just told you, you can't find anything less than $700k in NYC suburbs. Rent is significantly cheaper in Shanghai, food is significantly cheaper in Shanghai so cut the crap.
Hi Asian Boss, would it be possible to use the TH-cam subtitles and provide English and korean/English/japanese translations by default? This is useful for people like me who are studying chinese and just want to read Chinese characters only and not read any English as a practice.
China is a relatively conservative country, those who have tattoo, pin on their lips or face, and etc. would be definitely isolated by the mainstream society. To be honest, it is just a discrimination. In this case, if you want to know or make friends with some wealthy people or elites in China, be a "normal" person is very important.
Just like your typical US big city of Los Angeles or New York. The medium income homeowner who bought for $250,000 in the 90's, now see their homes value as $1,300,000. If you are still working, your income has increased, the loan was paid down, and you can cash out refinance, or sell the home outright and rent - pocketing the profit (sell price less capital gains tax). All the while you live on your six-figure US Income! Curious if you no longer were able to work: Would you rather have a retirement of $200,000/year US at age 55 for the rest of your life $2,000,000 in the bank and no retirement?
Everyone is making above 10k which is already 2x-3x the salary of my relatives in my hometown in Henan. Are these folk representative of the median or are they actually much more well-off than the average Shanghai worker? Notably all these people worked white-collar and there are doubtless also blue collar workers with much lower salaries just like elsewhere in the world. Props to that gal making 20-30k from game development xD making much more than indie devs in the west, that's for sure
There are many wealthy Chinese growing from nobody, not only in Shanghai but also in tier 2/3/4/5 cities, I meant a million dollars plus earning a year.
10 years ago and now present China, Shanghai. Certainly a lot has changed. As indicated before, they all speak and answer well. Quite impressive. Signs of a gradually improving and prosperous society. When things are too expensive in any city, as said in practical ways by the older person, it is never good. Chinese cities should be about affordability, the aim of Xi Jinping. A lot of US cities aim for that although it is a hard battle. China still have multiples of very poor, large cities are not the solution for its masses.
"脱去孔乙己的长衫" is not "shed the constraints of tradition", which is a totally translation mistake caused by editer not familiar with Chinese trend topic. The word actually describes a common dilemma of the young in China who paid really a lot to get better education but when entering workforce market they cannot find a job matching their hard work on education but to do low paid or very tiring(but also low paid) jobs. Which is mainly because of downturn of economy and unaccomplished industrial upgrade
It's funny the massive gap between people who think working hard will make you rich vs the truth that accumulating vast wealth that replaces income makes you rich. Can you realistically accumulate vast wealth in one lifetime? Maybe if you get extremely lucky or go the entertainment route, but for the vast majority of people they will live a subsistence living, and maybe that is ok.
These young people casually mentioning $1.4-6K in income per month make it look relatively easy. Actually, they’re just the most successful people from their generation who have made it in Shanghai. For each one of them, I wouldn’t be surprised if there were 5-10 others in their generation making far less. Yet, I can see their frustration when a basic apartment is $1.3M. There’s no way for them to ever afford those prices. That’s more like Silicon Valley pricing but similar young people here make 10 times as much and they still complain about high housing prices.
The media always wants to divide us, even with things like the great firewall separating us, we have so much more in common than different. People and politics should always be distinguished when we look at a country.
…. The cost of living in Shanghai is similar to a medium sized city in USA…. How is 8000 yuan enough or considered middle class? That’s crazy. You can make more than that here full time at McDonalds
The purchasing power parity between China and the United States is roughly 1:3. That is to say, a living standard equivalent to 8,000 yuan in Shanghai is approximately equivalent to that of 2,700 US dollars in the United States.
@@mzo-tl1jtbut we are talking about Shanghai and not China and the cost of living there is comparable to USA, especially cost of housing. 8000 yuan is definitely not middle class in Shanghai
with US and western countries' companies moving out of china, old shanghainese property will most likely decrease. which companies are currently planning to move to shanghai and invest? if no companies, no workers, no rent, no one interested in buying property. yes, the market value of your houses are expensive, but try selling one today. You won't be able to. Asian Boss, please wait 1 more year and you'll have another understanding of what wealth is in shanghai. we're in the start of a huge collapse.
As a Chinese person, I can tell you that the biggest issue China faces today is the growing wealth gap. First of all, many industries in China are monopolized by state-owned enterprises, such as telecommunications and transportation. If this is justified under the pretext of national security, I think it’s somewhat understandable. However, even the tobacco industry is completely monopolized (and there are over 300 million smokers in China). The United States hopes that in addition to being a manufacturing hub, China can also become a lucrative consumer market. But this hope is purely wishful thinking. Currently, the most significant problem in China is that the entire society is divided into two major groups: those inside the system and those outside it. People within the system cannot be laid off and enjoy various social benefits, while those outside the system lack sufficient protections and are hesitant to spend freely. Moreover, the rapid development in recent years has allowed some people to amass wealth, particularly through real estate. This has resulted in a deeply fractured society-so fractured that it’s beyond what foreigners could imagine. On one hand, Chinese consumers account for over 40% of luxury goods sales in Paris, and per capita spending by Chinese tourists in Japan far exceeds that of tourists from developed countries. On the other hand, there are hundreds of millions of people in China with little to no social security, many of whom are still working in their sixties just to make ends meet. The Gini coefficient has risen to such a high level that it is no longer disclosed. If you don’t have a hefty mortgage, I can tell you that living in China can be incredibly comfortable-earning Western-level incomes while enjoying third-world living costs. You probably can’t imagine buying a 610-liter double-door refrigerator for $200, having it delivered the next day, and installation included-this is something impossible in the West. However, if you’re part of the lower class, aside from slightly better living conditions and infrastructure, your quality of life isn’t much different from that of people living in Indian slums. For instance, you might only get four days off a month, work over ten hours a day, and have insufficient social protections.我作为中国人，告诉你，中国目前最大的问题就是贫富不均。首先中国大量行业是被国家企业垄断的，比如通信、交通等，如果以国家安全作为说辞，我觉得也算说得过去。但是连烟草都是完全垄断的（中国有超过3亿人吸烟）。美国希望中国除了提供生产之外，还希望在中国这个看似广大的消费市场赚钱，但没想到这纯是幻想。现在中国最大的问题就是整个国家是被分成两大部分的，体制内和体制外。体制内不可能被裁员，各种社会保障。而体制外，没有足够的保障，不敢随意消费。再加之前些年的快速发展，让不少人通过房子等途径暴富。最后导致一个非常割裂的情况，割裂到你们外国人难以想象的程度。一方面中国人买了巴黎百分之40多的奢侈品，去日本的各国游客的人均消费中国人明显高于发达国家游客；另外一方面中国有数亿人基本没有社保，六十多岁仍然要干活维持生计，基尼系数已经高到不再公布。 如果你没有高额的房贷，我可以告诉你生活在中国非常爽，拿着欧美人的收入，却是第三世界的消费（你可能永远没法想象200美元买个610L双开门冰箱，第一天下单，第二天送上门还包安装是什么体验，这在西方根本不可能发生）。但如果你是底层，那除了生活环境好一些、基础设施好一些之外，和印度贫民窟里的人的生态位差不多（比如一个月只有4天休息，每天需要工作十多个小时，没有足够的保障）。
Do you want telecommunications and transportation to be monopolised by big private corporations or Adanis/Ambanis? Btw, 80% people don't have mortgages, and the house ownership rate is 90%+.
@@GMAV3RICK No because "Still don't care" doesn't mean "I still don't care", but I learned that this is a fake for approach that multiple strangers use. more pretense of no care with fake care 😄
As an American I have to see anti-China propaganda all the time but I'm aware of it so it has little effect. But I do try to listen to people from China as well as our "allied" countries like Japan and SK and i always have a feeling of...well we dont have a word for it in english but "wishing we had different friends". If US and China were close/allies/friends I think that'd be great for both nations. No disrespect to SK or JP but they're just...not it. Mainly bc they're citizens are too backward and ignorant of the rest of the world imo That doesn't seem to be the case in China.
As a Japanese nowadays days Japanese citizens getting realize that how sneaky the US what they done for Japan and all over the worlds because of internt. Honestly US propaganda make hate each other out of the these three. At some point US is smart because you guys know the potential of asia but on the other hand they know if east asia get work together it’s going to overwhelming to western countries. That’s the worst scenario for US.
hmmmmm like the guy working in accounting firm says, rmb100k per month (or usd20k) is nothing but a entry level for most who work in financial/banking system, that speaks volume that there ain't make any difference around the world - those playing money tricks are always on an upper hand in terms of reallocation of wealth of the whole society, it got nothing to do with how hard you work daily, how many hours you invest daily, 'wallstreet wolves' Will rob you😅
Everyone interviewed was honest and humble. They are all articulate and speak as sensible people. Great interviews.
As someone born and raised in SH, I think it is fair to say this one of the best and most honest interviews. Great job to both the interviewer and interviewees.
My thought as an old resident of Shanghai:
1) These people in the interview are all the middle class. They think that earning one million RMB a year in salary is the definition of being rich. Its not. Rich people do not need a salary. They have return of investment to worry about and have personal networth to impress the bank (to loan them for more money). If your main income is your salary, then you are not rich, you are making your boss rich.
2) What is poor in Shanghai? Actually, there is only very few local that is "stuck" in Shanghai due to poverty. Most local inherit great amount of wealth from their parents and have relatively stable jobs. There are of course a few local that gamble away their money to poverty, but it is very rare. The "poor" are mainly recent graduates flocking to shanghai in search of work. I would not consider them poor either. They can always fall back to their hometown and resettle with their family if things get too rough for them in Shanghai. These people are not even Shanghai residence, therefore it is a stretch to include them in the calculation of wealth disparity in Shanghai. A salary below 8000 RMB is probably what I consider being poor in Shanghai, but not poverty level poor. They can get by but cannot take vacation, eat out everyday or save any significant amount of money.
Can I ask something that might be a stupid question?
We have homeless and genuinely poor people in my city (Melbourne). Some of them came from other parts of Australia, or the same state. Sometimes it is because there is better services available for the homeless, or for people who have other issues which cause them to become homeless, like drug addiction. Are there not people like that in Shanghai. You mention someone who gambles. What about someone with complex mental health issues, and no family? Is there adequate government support for them, that you can say they are not precisely 'in poverty'? Melbourne is a very rich city, but politically it seems that we don't make the choice to solve these issues, while other places do. I know this can be a seedy topic, but I'm genuinely interested in how China deals with this stuff.
@@jamesrowlands8971 I am a Canadian and used to live in Vancouver. The things you describe happens in Vancouver as well and thats why today there are tent cities in Vancouver while the rich lives in multimillion dollar homes. How is this different than China?
1) China has the hukou system. If you don't have the hukou (resident permit) of the city you live in, you do not get the welfare service of the city. This ancient system (thousands of years ago) is still in use today because to prevent the exact problem you describe in your city.
2) These jobless and homeless people in Shanghai would rather go home than to starve on the street. There are strict rules to where you can sleep at night if you are homeless. You don't see homeless people often in shanghai and you can probably see them around the end of the year near Chinese New Year or right after Chinese new year. These temporary homeless are waiting to go home for Chinese New Year or waiting for a new job after Chinese New Year. Would people choose to be homeless and hungry if they have the option of a proper shelter and proper food? I am pretty sure they will choose the latter.
3) Its actually not easy to be homeless in China. There is no stigma in living with the parents and most parents are willing to shelter their children in their homes even if their relationship wasn't that good.
4) Its relatively easy to find a job in China as a PRC citizen if you are willing to work hard. There are many fall back jobs such as being delivery man or becoming Didi drivers. Many become jobless because they do not want to do those job due to various social reason such as pride or having the option to stay jobless for long period of time without starving or being homeless.
5) For the mentally ill, there are gov-run place for them to stay in. However, most of the minor cases of mental illness are being taken care of by their own family members.
6) Chinese in general accept that they don't live in a welfare society and must work to live. They will scramble something to make money on the side and get by. There are gov welfare but many don't even know how to apply for one or know that it exist.
It's all about the mentality. Middle class people with middle-class mentality stay middle-class or go broke. To break out of the cycle, one has to learn how the wealthy think and act, financially, socially, intellectually.
This is media. They are giving responses which someone in media would source. It is preferable to the stuffy formal news broadcasts with outdated Chinese and machine like broadcasters. Why complain or criticize? You may care about the initial issues that drew you to this video but some of these comment seems lacking thereoffz/slacking thereof
This is media. They are giving responses which someone in media would source. It is preferable to the stuffy formal news broadcasts with outdated Chinese and machine like broadcasters. Why complain or criticize? You may care about the initial issues that drew you to this video but some of these comment seems lacking thereoffz/slacking thereof
All of the interviewees are articulate. I am impressed.
I would expect anyone with college level education to be articulated about their own experiences.
Because the location they are interviewing is probably middle upper class and these guys are extremely well educated with uni level degrees. To even get into a uni that will get you these jobs in China is a feat by itself.
It has taken these guys 2x 3x the effort compared to the equivalent Western positions to get there.
yes, people are typically articulate with their mother tongue. lul
@@lolomgwtfbbqqqq yeah try asking that to the english speaking world.
Welcome to Shanghai
40 years ago, I just graduated from university. I got pay 75 RMB at that time in Shanghai. China 🇨🇳 have been changed huge. I wish my hometown better and better in future
75 rmb per month?
以85年平均水平来看75不少了，购买力如何另说
🎉
Being a 5th generation Shanghainese, the wealth are usually locals like my family, who were able to buy the houses cheap in the 90s and are worth millions of US dollars today. But of course some of that wealth evaporated with the housing bubble burst, but even now the median apartment still cost 30x median annual income. And after property tax was started in 2011, rent also increased a lot, so many non-locals are paying big parts of their wages to local property owners.
Yup, locals are all living off of generational wealth, but they still work and aren't lazy. I didn't know about the property tax, so I looked it up and it's only for families owning more than 60 square meters per person. That would definitely affect the people owning 2-3 investment apartments!
@@Waingro808 只要你不进行房产交易，是不会征收房产税的。当你在房地产管理机构激活了你的账号进行交易后，政府才会过问你拥有的所有房产以及是否符合征收标准。房产税目前只在上海和重庆两个城市征收。没有推广的原因就是会影响房地产市场。而政府买卖土地的利润是支撑财政的主要收入。所以即便是上海和重庆，虽然被国家命令要进行试点，但在执行的时候也不是很认真。
I'd say people should stop showing off your wealth. You would attract too much unwanted attention. Without their parents most local shanghai people can't afford houses of their own. (There are exceptions) Being a millionaire isn't rich. Because being a billionaire is a reality at the moment.
I just want to say that the translation is very good!
Sometimes it's difficult to capture the meaning and often times a direct translation does not work.
14:13 Luck, skill and Timing come together, it's the best moment
that's universal. my friend, or someone once said we have one or two chances in life that affects one's life. it's whether one realized and makes the best of it, or let it slips away.
@willengel2458 yes true that's universal, writing down is a reminder for our mindset and those for who forget about this simple thing but crucial
Please do a similar video for Singapore. Looking forward.
very very accurate subtitles! views from different local people
Being rich to me is that, whatever your lifestyle is if you can sustain it for 30 years without any income; then that's rich.
That’s retirement
@@atamo4323 That's cause I'm retired, ha ha. And I forgot to clarify that by without income I meant active income.
@@Ned-zl1qthow much?
The other day I had lunch with my parents in Huaihai road, one of the busiest roads in Shanghai, it was grilled meat, three of us spent in total about 20 usd, we can barely finish the food, too many different dishes were served, so Shanghai is not as expensive as you thought
Yeah but the problem is, apartments are too expensive like million $
That’s why their salary is low
Rent is not expensive for one have a stable work. But buy a house is really hard to afford
US Dollar is a top currency compare to other currency that's why it looks cheaper to you. You will understand someday if you experience real world without spoon fed
@@imbat7149 that's everywhere
In the United States, it takes $5.8 Million dollars to be in the top 1%. In South Korea, it's $2.26 million dollars (3 Billion Korean won) In China it's $1.1 million dollars (8.1 million yuan).In Singapore it's $5.1 million dollars (7 million Singapore dollars)
I don’t think China uses Yen, but Renminbi 😂 Japan uses Yen
@@skygaz3r Yen and Yuan (RMB) use the same symbol ¥ and they sound pretty similar, so it's a common mistake to make
@@skygaz3r You're correct. I meant Yuan.
I live in Singapore and its true... gosh the disparity is huge. The rich gets richer.
I think it's better to compare disposal monthly/annual income (ie. After tax). It's quite misleading to just consider asset value.
Being satisfied is better than being rich.
Both feel equally as difficult to accomplish haha.
Something I learned after chasing money during my 20's and seeing how fast life goes by...
Average Chinese are neither
Said by poor people 🙃
I prefer enough. Enough cars, home, wives and foods
The relocation policy（动迁）is a big one that made tons of people rich in Shanghai. My uncle’s old apartment was picked to be demolished, so the govt provided him $10 million yuan to relocate, he spent $7 mil for an apt in the outskirts of shanghai, and still have $3 mil to spend on whatever, on top of his retirement that he is already getting, He is set for life lol
you dont need to use the $ sign because its not yuan
10m yuan is about 1.4m USD. 3m is about 400k. Probably enough to retire in Shanghai but not enough in western countries. The best part about China is the low cost of living. In the US to live a comfortable life you’d need at least another 1-2m usd in savings and invested well to retire comfortably at an earlier age.
Reporter should also interview the meituan delivery driver at 2:46 to get a fair opinion.
There salary is 12000 rmb per month
@@babublue69 if they work very hard (more than 10 hours, including on the weekend). As far as I know.
Pretty accurate translation👍🏾
My family is from Shanghai and they would always tell me "in Shanghai, there's rich people and SUPER rich people"! Every time I visit I feel it a little bit more and more. These interviews were so interesting to watch!
“What is considered rich as an employee in Shanghai” is a better title. CEO in Shanghai is not as rich as CEO in the US. The rich are ppl who own conglomerates or ppl from old money. Just by being employed is difficult to break into those circles and be rich, like some interviewees have said.
The uncle just oozes life experience eh? Cool guy
Rent seems like a real bargain compared to what you'd pay to buy the apartment.
Correct, this is a big gap in China. Because investors use apartments as a store of wealth, not so much for cashflow. It must be related to how the government treats that asset class relative to others.
Not when you find out it goes up solely depending what you landlord wants
The global wealth disparity is appalling.
skill issue
Not only skill issue. Having family connections and wealthy family is the more important factor.
@ of course but you can make it even without any of those, speaking from experience
@@Jasoslty you are ignorant
China's disparity is on the next level comapres to most other first world countries.
"Such an eye-opening interview! 🌏💬 It’s fascinating to hear perspectives on wealth in Shanghai and how it’s defined differently depending on lifestyle and expectations. This gives such a unique glimpse into the social dynamics of one of the world’s most vibrant cities. Thanks for sharing this perspective! 🙌✨
2:25 It's interesting to see a man is answering the difference of rich and poor, and Meituan delivery guy carrying as much bags as possible and in a hurry to his bike, clearly illustrate the difference of life and wealth. Probably he came from countryside and work 16+ hours to send all the money back home. That's really what we can see in the city and therefore this interview is worthwhile. Thanks.
With too many "bad" things happening in almost every part of the world, nothing makes sense anymore. 😢
Interesting! Hello from Bucharest, Romania - a huge underrated city in Europe:)
Underrated? Not at all.
The difference btwn man on the street videos for other countries compared to ones with Americans is an embarrassment. They are so articulate and their answers are well thought out. Great pronunciation as well. Opposite in america in most cases
don't be a hater lmao
What does the US have anything to do with this video....
We have a comedy group in Australia called The Chaser, who used to do pranks on Americans with maps and questions about the places on the map. I really wonder how they'd go in a place like Shanghai. They'd probably end up getting an education in geography.
Why don’t you move there asap ?
@animefreak3010, pronunciation? How do we compare Mandarin pronunciation with that of English?
The average rent for a one-bedroom apartment San Francisco, California is between $2,906 and $3,368 per month.
Oh, what is the average salary of locals? I think it's reasonable to use 20% of one's own income to pay rent.
@了解一下-g2w $9,000 monthly income 30% to 40% going towards rent. Figures may vary.
@@KnoSigma-g2w Here in Spain it's normal to use 2/3 of income for rent, since our salaries are very low. Average is 2300 euros before 37% taxes. Median is near 1500 euros.
I live in Pudong area, close to a subway station with plenty of restaurants, malls,etc . I pay 2900 CNY (400USD) for a 38 m2 apartment which is 17% of my salary, even though I'm a bit far I can just take the subway which cost 4CNY. Living in Shanghai can be very affordable it just depends on the location, I can have a very decent breakfast for 14CNY (2USD)
@luismvg11 A standard tall latte costs around $3-$5 Starbucks menu. Average cost breakfast $10 to $25 ( average $15 )
19:33 very well spoken. After been to both US and China multiple times, The wealth disparity in the US is far worst with many full time workers living in vans and cars. And tents for those who are jobless. In China, homeless is virtually no existing, especially those who have a job, even if their pay is not particularly high.
One of the reasons is the poorest ppl in China have land communist party allocated to them, so they can go back to their hometown when jobless.
Individuals with personal wealth exceeding 10 million yuan (approximately $1.4 million USD) are considered millionaires, while those with over 100 million yuan (approximately $14 million USD) are seen as super-rich. A monthly income of around 10,000 USD or more would place someone in the top 5% of earners in China. For a high-income family in Shanghai, an annual income of around 500,000 RMB (approximately $75,000 USD) is often considered rich.
Shanghai is one of the most expensive cities in China, so the cost of living is higher compared to other regions. This means that higher income and wealth are often required to maintain a comfortable lifestyle. Wealth in China is also determined by assets such as real estate, stocks, and other investments. Owning valuable property in Shanghai can significantly contribute to one's wealth status.
@@heididlr5433 Shanghai apart from housing is not actually overly expensive, people living beyond their means and trying to outdo one another is what makes life in Shanghai “unaffordable”.
Here in Spain, the social-communist government says you're rich when you earn more than 60,000 euros per year, and then sets taxes to 47% when you reach those numbers
A respectable 2 bedroom apartment costs $1.5M in Shanghai. How many people are worth that much to their employer? How many companies in Shanghai even generate that much revenue throughout its lifecycle?
US$?
Shanghai publishes real estate trading data, and less than 10% of the property being traded is over 10million rmb or 1.5mil usd. Very few on a salary alone will be afford them, it’s always those who sell multiple properties pooling money and buying them.
USD1.5M is not a huge number given a lifecycle.
Shanghai is great 👍👍. I am impressed.
To compare SH with US cities would be unfair since the national wage difference is too big. However it is quite easy now for fresh graduates to get a higher wage in SH than Tokyo, and that's impressive development from SH
it's absolutely not true, graduats in Shanghai are very difficult to get a job, "keng lao" 啃老 "tang ping"躺平 means no income and living with parents , that is very common in shanghai and all china.
To compare a big country with a small country is also unfair
Leave Japan alone bro also that’s not true at all Japan gdp per capital is way higher lol
Comparison using absolute $ income is meaningless. You need to factor in cost of living which is represented by PPP (Purchasing power parity). On top of that you also need to consider difference in tax systems, not just the tax brackets but also some countries tax you on income derived from investments and bank interests whereas some countries don't.
@@joestki If you do all of these Shanghai gets more advantages. Lower tax, low prices, higher GDP PPP etc
@@LollipopLop We are talking about cities here. Tokyo is larger than Shanghai and has a better concentration of resources.
Great interviews. Shanghai is developed, based on the information. Another perspective would be relative to purchasing power.
Just to add, income disparity differences between different locations in china are very big. The average monthly income in Shanghai is around 3.5x that of the poorest province.
China is very cheap compared with the whole world. I have been to many countries in Asia, and the basic prices in Shanghai are even cheaper than my hometown of Kaohsiung, Taiwan. In my observation, compared with Japan and Taiwan today, people in China are closer to the way of thinking of Americans and are more willing to start a business and try, which is not a common culture in East Asia or Asia.
What?
Why you bring up Japan all of the sudden lmao 💀 and no your wrong
They aren’t even similar to Americans at all
Taiwan is part of China
@@LollipopLop 中美在很多方面都是最相似的国家。
7:24 truth! 10k salary is quite a lot in most of China. Shanghai is wealthier city but still has its blue collar laborers who are the underappreciated backbone of their respective industries.
The standarts in my country, Turkey, lowered a lot due to terrible decisions by the Turkish government and when I look at China, I realized they are the opposite of us. Their standarts and expectations from their lives increased a lot. When they realize there are many countries with much worse conditions they will realize how rich they are 😊 I hope everyone a much better, healthy and happy life
300 yuan for a bowl of noodles is crazy.
上海主要是有很多中国国内最贵最高端的消费场所，所以市中心消费在国内显得很贵，但是实际上平价消费的东西也有不少，实际生活成本节省一点的话也不算很高。普通人还是能活的很轻松的，不追求高消费的话。
been to Shanghai for work related trip, love the city.. it was amazing, the food, the atmosphere.. i dont know for people that rent and really live there.. but to me as visitor.. its way better and cheaper compared to Singapore
10:57 Anhui is at the bottom from the perspective of Shanghai since time immemorial.
Any reason why she singled out Anhui but not poorer region like hebei?
@@MrColonelexe because there are way more anhui people in Shanghai. Anhui is no longer poor, but the stigma is still there. This is similar to the stigma attached to Chinese people worldwide.
Shanghai's New Jersey😂
@@MrColonelexewait, hebei is not poor neither. compare to Beijing it's poor, but just like anhui is only poor compare to Shanghai. their are much more poor provinces in the western china, but again people in bigger coastal cities normally don't go to that part of the country.
@@KinLee919 It comes from 20+ years ago when they were dirt poor. Now, Hefei, Anhui is a tech hub.
They can come to América and SEE, how BIGGER the GAP is HERE! ❤
Just a few weeks ago, i was in Shanghai. Food was so good and cheap compared to Singapore.
DaDong roast duck was only RMB288. In Singapore it would cost at least RMB600 for the same thing.
Bubble tea in Shanghai only RMB7 to 10, in Singapore at least RMB15 to 30
Good hotel in Shanghai only RMB1000 a nite, in Singapore, similar hotel in city location is at least RMB2000 a nite
What about salary comparison between Shanghai and Singapore? Also personal investment portfolios?
In Singapore, i will pay a university graduate with 2-3 yrs experience to come in as an associate an equivalent to RMB25,000 to 30,000 per month. How much does a uni grad with 3-5yr experience in financial industry earn in Shanghai?
@ oh well, perhaps you can review this interview to get some general sense on your question. I guess if you are making money in Singapore and spending in china, you will feel like a heaven. I knew that feeling when I was working in Germany and spending in Japan!
@@nekowelt2135isn’t a real pain to travel Europe all the way to Asia?
I find it difficult to be honest
If the real estate is much cheaper, similar to Bangkok or Kuala Lumpar our lives would be wonderful with our salaries
房价现在在跌啊，很多人抱怨房价跌的太多了，想让房价涨上去，等涨上去，很多人又抱怨涨的太多了，想跌下去
Higher Consumerism culture is not synonym of wealth
🎉
There are many ways to become upper class but working hard is not the one. You can marry to upper-class, do politic, and most importantly a bit of crime.
這個採訪問問題的肯定是台灣人哈哈哈
"Wealth" and "Income" are related but different. Being rich/wealthy reflects your assets, which probably means at a certain point in your life you had a high income but it may no longer be the case now. Personal lifestyle is also a big factor. For example, a person may have US$5M in assets and decided to live a frugal life and takes out only $50k. Another person may be earning $200k per year but spends a big chunk of it on gambling and drugs, and thus has almost no assets.
在上海吃过最奢侈的是一顿饭1000多块，消费过两次，都是两个人一起吃的，在外滩附近
You can't talk about deposits without talking about prices. A person with $1 million in savings, in Shanghai and in New York, is in two classes, two qualities of life.😂
You can tell some Shanghainese, especially transplants are very proud of the city, even arrogant when comparing to other cities. Well, they got a reputation for that. Shanghai is definitely one of the best cities in China, but there are others are great too.
Earned income tax in China is very high, to get really rich, you have to make it in business or have the right contact/relationships..
上海物价除了房价，大部分属于下限低 上限高，区间范围还是蛮宽的，低的地方至少比我们这便宜，来自浙江人的看法
是的，吃喝和交通还是可以很便宜的。买房一般人不可能
Would be great to know how are Medical/Hospital expenses handled in China..... compared to western countries... etc....
literally free. 20 USD for a CT scan, bloody tests is like $1/$2 per item. $70 for an appointment with some specialists considered as top3 in the country. Ambulance is cheaper than a uber ride in most western cities. the problem is most public hospitals in Shanghai are dirty as hell, there are things you just can't unseen, I'd say a homeless shelter in Sydney in like much nicer than a public hospital ward in Shanghai.
It's cheap in China because their government controls the Big Pharma industry. It's the opposite in the US as Big Pharnas have too much influence on politicians via political contribution and lobbyists.
6:12 holy crap! 1million - 30k is a big difference in expectations xD
I also thought 30k was a huge salary in China. Even in Beijing professional, experienced software developers were only paid 20k-30k in big companies back in 2020. Obviously these were working class folk, not exactly CEOs and VPs and etc. And on that salary there was still no way of buying a home locally.
Gotta say all interviewees in this vid are not only smart but also keen on both how things going on around them in China, and how things run in the west say US, THAT'S why they look staying chill while answering questions, seeing things in a much confident manner other than acting like crying babe and complaining everything downturn in this gloomy economic circumstance.
你看他們收入都很高，中國大部分人收入是3000到5000人民幣，但他們的收入是10000以上，甚至20000
@@dhzhbb 繁体字的朋友能不能到内地来看一看，别再讲什么大部分3000到5000这种话了
@@KimStarZhuo 你装你妈逼啊，全国有几个大城市
Curious if you no longer were able to work and had no home: Would you rather have a retirement income of $200,000/year US at age 55 for the rest of your life $2,000,000 in the bank and no retirement income?
Everything is so cheap in China and some of these people want a $100,000 usd salary to live comfortably lol. Even in NYC(much more expensive than shanghai), $100,000 is enough to live comfortably.
You literally can't find any property under $700k in NYC and that includes the suburbs. Rent ranges from $1500 to $4000. If you need $100k+ to live comfortably in China, you are bad with money.
I believe the question asked was what you'd need to earn to be considered wealthy in Shanghai, not just to live comfortably. Pretty sure you're not considered wealthy making 100K in NYC.
cheap in China? average property prices in the area where the first guy took the interview is about $2.5million USD for a 2bed 1study apartment in a high rise high density building. you won't get anything fancy, just an ugly apartment shared by thousands of "neighbors". you probably won't get a car park for that price, but don't worry, an extra $250k fixes your problem. that is not a rich area, just upper middle class.
@mouseisbroken it's like asking an average new Yorkers if they can afford Manhattan property. The answer is no. Most people rent in Manhattan. If you want to own, you go to the suburbs. Now tell me, what's the property price in Shanghai suburbs? I just told you, you can't find anything less than $700k in NYC suburbs.
Rent is significantly cheaper in Shanghai, food is significantly cheaper in Shanghai so cut the crap.
You have never lived in NYC.
Hi Asian Boss, would it be possible to use the TH-cam subtitles and provide English and korean/English/japanese translations by default? This is useful for people like me who are studying chinese and just want to read Chinese characters only and not read any English as a practice.
Street interviewees may not be in the same rich league as the richest / richer segment in Shanghai.
0:03 beijing have surpassed shanghai in term of gdp percapital in 2010 and now it gdp =95% shanghai but have much less population 😁
China is a relatively conservative country, those who have tattoo, pin on their lips or face, and etc. would be definitely isolated by the mainstream society. To be honest, it is just a discrimination. In this case, if you want to know or make friends with some wealthy people or elites in China, be a "normal" person is very important.
production team uses omni directional mic. use voice isolation other sounds are distracting.
Just like your typical US big city of Los Angeles or New York. The medium income homeowner who bought for $250,000 in the 90's, now see their homes value as $1,300,000. If you are still working, your income has increased, the loan was paid down, and you can cash out refinance, or sell the home outright and rent - pocketing the profit (sell price less capital gains tax). All the while you live on your six-figure US Income!
Curious if you no longer were able to work: Would you rather have a retirement of $200,000/year US at age 55 for the rest of your life $2,000,000 in the bank and no retirement?
Everyone is making above 10k which is already 2x-3x the salary of my relatives in my hometown in Henan. Are these folk representative of the median or are they actually much more well-off than the average Shanghai worker?
Notably all these people worked white-collar and there are doubtless also blue collar workers with much lower salaries just like elsewhere in the world.
Props to that gal making 20-30k from game development xD making much more than indie devs in the west, that's for sure
Maybe its time for ASIANBOSS to turn on the CC function for China interview just like what they did with Japan and Korea interview.
There are many wealthy Chinese growing from nobody, not only in Shanghai but also in tier 2/3/4/5 cities, I meant a million dollars plus earning a year.
5:32 his ‘umm’ sounds so American
10 years ago and now present China, Shanghai. Certainly a lot has changed. As indicated before, they all speak and answer well. Quite impressive. Signs of a gradually improving and prosperous society. When things are too expensive in any city, as said in practical ways by the older person, it is never good. Chinese cities should be about affordability, the aim of Xi Jinping. A lot of US cities aim for that although it is a hard battle. China still have multiples of very poor, large cities are not the solution for its masses.
"脱去孔乙己的长衫" is not "shed the constraints of tradition", which is a totally translation mistake caused by editer not familiar with Chinese trend topic. The word actually describes a common dilemma of the young in China who paid really a lot to get better education but when entering workforce market they cannot find a job matching their hard work on education but to do low paid or very tiring(but also low paid) jobs. Which is mainly because of downturn of economy and unaccomplished industrial upgrade
Wow, they are so clever and give long smart answers, I'm impressed by their average level
It's funny the massive gap between people who think working hard will make you rich vs the truth that accumulating vast wealth that replaces income makes you rich. Can you realistically accumulate vast wealth in one lifetime? Maybe if you get extremely lucky or go the entertainment route, but for the vast majority of people they will live a subsistence living, and maybe that is ok.
These young people casually mentioning $1.4-6K in income per month make it look relatively easy. Actually, they’re just the most successful people from their generation who have made it in Shanghai. For each one of them, I wouldn’t be surprised if there were 5-10 others in their generation making far less.
Yet, I can see their frustration when a basic apartment is $1.3M. There’s no way for them to ever afford those prices. That’s more like Silicon Valley pricing but similar young people here make 10 times as much and they still complain about high housing prices.
I don't get the hate they just like us
The media always wants to divide us, even with things like the great firewall separating us, we have so much more in common than different. People and politics should always be distinguished when we look at a country.
2:53 这是本地上海人
…. The cost of living in Shanghai is similar to a medium sized city in USA…. How is 8000 yuan enough or considered middle class? That’s crazy. You can make more than that here full time at McDonalds
PPP is different
The purchasing power parity between China and the United States is roughly 1:3. That is to say, a living standard equivalent to 8,000 yuan in Shanghai is approximately equivalent to that of 2,700 US dollars in the United States.
@@mzo-tl1jtbut we are talking about Shanghai and not China and the cost of living there is comparable to USA, especially cost of housing. 8000 yuan is definitely not middle class in Shanghai
Meanwhile I’m paying 3K for a studio in Seattle (21000 yuan/mo give or take)
Why not got to other cities to interview people?
It costs money to travel. They have a local team in Shanghai probably
That girl who said over million I bet she meant annually
But the question was asking monthly…
Why you don't interview any rich individual who really rich?
with US and western countries' companies moving out of china, old shanghainese property will most likely decrease. which companies are currently planning to move to shanghai and invest? if no companies, no workers, no rent, no one interested in buying property. yes, the market value of your houses are expensive, but try selling one today. You won't be able to.
Asian Boss, please wait 1 more year and you'll have another understanding of what wealth is in shanghai. we're in the start of a huge collapse.
3:26 ‘’也就10到20‘’ Clearly he say 100,000 to 200,000 RMB but the subtitle became 10,000 RMB to 20,000 RMB.... Sus
10K的意思 现在上海上班的都说几K几K的
An accountant doesn't earn 100,000RMB per month. 10000RMB to 20000RMB, are usually what they would make if they work in the big 4 accounting company.
@@똥똥빵꿍-n3h 你说的是外企习惯，特别是从外企HR延伸出来的说法。我和一般人聊天，说起收入如一个两个五个十个，都是指万。
LOL 6:05 that girl said you need 137,000 USD monthly to be considered wealthy 😂 she must be super rich
She said it was $137,000 per year, and the subtitle seems to be wrong.
@ OHHHHH that makes way more sense
She only said more than one million, didn’t mention anything about monthly or annually,by default she means annually, subtitles were wrong
But the question was asking per month so…
the question was monthly; and she replied without any indication of time; she just said "over a million RMB maybe"
Are people referring to gross or nett salaries? One million nett per year is a lot!
Chinese people always talk about post tax unless specifically stated otherwise
Almost the same across the mega cities around the world which are driven by capitalism
All those interviewee are from south part of China. actullay, as a north Chinese lots of different feeling of myself
As a Chinese person, I can tell you that the biggest issue China faces today is the growing wealth gap. First of all, many industries in China are monopolized by state-owned enterprises, such as telecommunications and transportation. If this is justified under the pretext of national security, I think it’s somewhat understandable. However, even the tobacco industry is completely monopolized (and there are over 300 million smokers in China). The United States hopes that in addition to being a manufacturing hub, China can also become a lucrative consumer market. But this hope is purely wishful thinking.
Currently, the most significant problem in China is that the entire society is divided into two major groups: those inside the system and those outside it. People within the system cannot be laid off and enjoy various social benefits, while those outside the system lack sufficient protections and are hesitant to spend freely. Moreover, the rapid development in recent years has allowed some people to amass wealth, particularly through real estate. This has resulted in a deeply fractured society-so fractured that it’s beyond what foreigners could imagine. On one hand, Chinese consumers account for over 40% of luxury goods sales in Paris, and per capita spending by Chinese tourists in Japan far exceeds that of tourists from developed countries. On the other hand, there are hundreds of millions of people in China with little to no social security, many of whom are still working in their sixties just to make ends meet. The Gini coefficient has risen to such a high level that it is no longer disclosed.
If you don’t have a hefty mortgage, I can tell you that living in China can be incredibly comfortable-earning Western-level incomes while enjoying third-world living costs. You probably can’t imagine buying a 610-liter double-door refrigerator for $200, having it delivered the next day, and installation included-this is something impossible in the West. However, if you’re part of the lower class, aside from slightly better living conditions and infrastructure, your quality of life isn’t much different from that of people living in Indian slums. For instance, you might only get four days off a month, work over ten hours a day, and have insufficient social protections.我作为中国人，告诉你，中国目前最大的问题就是贫富不均。首先中国大量行业是被国家企业垄断的，比如通信、交通等，如果以国家安全作为说辞，我觉得也算说得过去。但是连烟草都是完全垄断的（中国有超过3亿人吸烟）。美国希望中国除了提供生产之外，还希望在中国这个看似广大的消费市场赚钱，但没想到这纯是幻想。现在中国最大的问题就是整个国家是被分成两大部分的，体制内和体制外。体制内不可能被裁员，各种社会保障。而体制外，没有足够的保障，不敢随意消费。再加之前些年的快速发展，让不少人通过房子等途径暴富。最后导致一个非常割裂的情况，割裂到你们外国人难以想象的程度。一方面中国人买了巴黎百分之40多的奢侈品，去日本的各国游客的人均消费中国人明显高于发达国家游客；另外一方面中国有数亿人基本没有社保，六十多岁仍然要干活维持生计，基尼系数已经高到不再公布。 如果你没有高额的房贷，我可以告诉你生活在中国非常爽，拿着欧美人的收入，却是第三世界的消费（你可能永远没法想象200美元买个610L双开门冰箱，第一天下单，第二天送上门还包安装是什么体验，这在西方根本不可能发生）。但如果你是底层，那除了生活环境好一些、基础设施好一些之外，和印度贫民窟里的人的生态位差不多（比如一个月只有4天休息，每天需要工作十多个小时，没有足够的保障）。
Only rich Chinese can spend money overseas
While others can’t
This is quite unfair actually
Do you want telecommunications and transportation to be monopolised by big private corporations or Adanis/Ambanis?
Btw, 80% people don't have mortgages, and the house ownership rate is 90%+.
THE CHANCE BEING RICH BY SALARY IS BS, UNLESS YOU LUCKILY FELL INTO CERTAIN CAREER PATH. HOLDING ASSETS AND CAPITALS = RICH
The game dev girl looks mega cute and nice to be around
no, no, no, no, & no Asian Boss but 👍! 😄 17:15 Who translated "yīnggāi shì" ("應該是") to "is"? The English translation is "should be".
no one cares.
A stranger cared enough to replied to my comment that wasn't at all about the stranger. fake care from a stranger who decided that "no one cares."
@@Rarcade Still don’t care. 😴
@@GMAV3RICK No because "Still don't care" doesn't mean "I still don't care", but I learned that this is a fake for approach that multiple strangers use. more pretense of no care with fake care 😄
@@Rarcade 😴
Wow very rich
Wealthy, Wealth for the rich and Filthy for the poor
It looks like the American dream is alive and well in Shanghai, but dead in the US.
As an American I have to see anti-China propaganda all the time but I'm aware of it so it has little effect. But I do try to listen to people from China as well as our "allied" countries like Japan and SK and i always have a feeling of...well we dont have a word for it in english but "wishing we had different friends". If US and China were close/allies/friends I think that'd be great for both nations. No disrespect to SK or JP but they're just...not it. Mainly bc they're citizens are too backward and ignorant of the rest of the world imo That doesn't seem to be the case in China.
As a Japanese nowadays days Japanese citizens getting realize that how sneaky the US what they done for Japan and all over the worlds because of internt.
Honestly US propaganda make hate each other out of the these three.
At some point US is smart because you guys know the potential of asia but on the other hand they know if east asia get work together it’s going to overwhelming to western countries.
That’s the worst scenario for US.
The guy in the bomber jacket doesn’t earn 50k. He lives with his parents, surely.
hmmmmm like the guy working in accounting firm says, rmb100k per month (or usd20k) is nothing but a entry level for most who work in financial/banking system, that speaks volume that there ain't make any difference around the world - those playing money tricks are always on an upper hand in terms of reallocation of wealth of the whole society, it got nothing to do with how hard you work daily, how many hours you invest daily, 'wallstreet wolves' Will rob you😅
3:40
Nothing new . Every metropolitan cities around the world seeing the same pattern
None of these people are earning 20000-30000rmb. That is very high salary