Are All Americans Rich?

Are All Americans Rich? Are Filipinos Rich?

Are All Americans Rich In The Philippines?

Many Filipinos think that all Americans (US citizens) are rich. This is a misconception. The fact is that the true rate of unemployment in the US is about 23%. Average American household debt is $117, 951 US. 75% of Americans are living paycheck to paycheck. 25% of Americans have no savings at all. 36% of Americans rent the dwelling they and their families are living in. 64% own or are buying the dwelling they are living in and the average amount owed on their home mortgages is $95,000 US (from census data  2013). The average value of their homes is $160,000. See information about American Family Finances.

Many Filipinos think that Americans are rich. They see them visiting the Philippines and spending their money. Many of these Americans use their credit cards to fly to the Philippines and pay for hotels and other travel expenses. The average American has $2,200 US in credit card debt.

Rich Filipinos

See some statistics about "How rich is rich in the Philippines?"

Rude Awakening

 

When Filipinos arrive in the US they are in for a rude awakening. Rich or poor, they soon discover the high cost of living in the USA.

In the Philippines wealthy Filipinos can afford to hire the services of nannys, cooks and drivers.
In the USA only the super rich can afford such services. So, a Filipino who marries a US citizen and goes to live in the US can expect to do the laundry, do the cooking, wash the dishes and do the driving. Fortunately most families own a washing machine and a car.

True, wages are higher in the US but so is the cost of living. Visit my hospitals page to see examples of the cost of US hospital care compared to hospital care in the Philippines.

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This post will be expanded. Check back for more information about wealth in the USA and in the Philippines, rich Americans and rich Filipinos. Last updated June 3, 2022.