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Old 07-02-2018, 10:23 AM
 
Location: West of Louisiana, East of New Mexico
2,608 posts, read 2,171,978 times
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Quote:
Originally Posted by sean1the1 View Post
With these asian groups many that have came to the US in the last 30 years have came from wealthy families in their homes countries.

I know many wealthy asians that have worked hard for what they have, but every single one of them had money back in their home country.

They went from the 1% in their homes countries to the 1% here. I don't know any wealthy asians who truly started from the bottom...

This is an excellent point. When you see a 1st/2nd generation Asian with upper middle class wealth and income, there's a pretty good chance they were upper middle class in their nation of origin. Worst case scenario is going from well-to-do in China, to lower middle class when they arrive in the U.S. and then by the time their kids are doctors/engineers, being back to upper middle class.
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Old 07-02-2018, 09:02 PM
 
11,455 posts, read 7,254,480 times
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Quote:
Originally Posted by davidt1 View Post
I haven't read the report and frankly I don't give these type of reports much thought. Is there a correlation between how wealthy the countries of origin are, how long their people have been in the US and how well they do here? Japan and China are strong countries economically, so the people who come here from those countries are likely to be well-off. Also Japanese and Chinese Americans have been here a long time, compared to more recent refugees from poor, war torn countries.

I bet things like cash, gold, and assets from the motherland are not accounted for in these reports.
South Korea is a more developed country than China by far.
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Old 07-03-2018, 03:29 PM
 
Location: SoCal
3,877 posts, read 2,812,251 times
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Quote:
Originally Posted by Millerk View Post
There are many asians who send their kids and other family members here with a large sum of wealth back in their own country and also in the US. However, the majority of Asian Americans (or their parents/grandparents) were either middle or lower class in their countries, and managed to build their fortune overseas, for example, the US and Canada
Yeah, I should've specified, what I meant was very very few wealthy asians here today came from nothing.

People seem to make the short sighted argument that when Asians come here they just automatically know how to emase wealth, and that's never really the case.

Mostly a continuation of the class system that was present in their home countries.
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Old 07-03-2018, 07:55 PM
 
220 posts, read 119,675 times
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Quote:
Originally Posted by sean1the1 View Post
With these asian groups many that have came to the US in the last 30 years have came from wealthy families in their homes countries.

I know many wealthy asians that have worked hard for what they have, but every single one of them had money back in their home country.

They went from the 1% in their homes countries to the 1% here. I don't know any wealthy asians who truly started from the bottom...
I think your theory only holds true for Chinese, Japanese, Korean, and Indian, but most of the other Asians that come over are not that well off.
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Old 07-06-2018, 09:24 PM
 
502 posts, read 211,701 times
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The Japanese have historically been the wealthiest. Next the Chinese. The Korean total surprised me, as did the Filipino total.
The Vietnamese total is spot on, as they tend to struggle.
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Old 07-08-2018, 04:16 PM
 
335 posts, read 236,487 times
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I'm surprised it is so low for Koreans
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Old 07-16-2018, 10:34 AM
 
Location: Sherman Oaks
179 posts, read 124,058 times
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It is very interesting to read that Koreans, on average have so low in net worth, but I do have a hypothesis why. It makes me wonder if part of the rationale is due to large expenditures with luxury goods and lifestyle, offsetting their higher income.

Most of the Korean immigrants I know did not have much money when they came to the states, but they value education and hard work, to make a good living. The same can't be said with the next generation.

I noticed a lot of first generation Koreans working their TAILS off to create a good life for their family, while their kids enjoyed the fruits of their parents labor. Example: Their child does not need a new BMW 340i, as a gift when they get admitted to USC, especially when the parents are covering tuition/boarding, working 7 days a week at their mom & pop store, and still driving 10 year old Hyundais.

Last edited by pharmboyinSD; 07-16-2018 at 10:43 AM..
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Old 07-16-2018, 02:22 PM
 
18,182 posts, read 11,677,333 times
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Quote:
Originally Posted by pharmboyinSD View Post
It is very interesting to read that Koreans, on average have so low in net worth, but I do have a hypothesis why. It makes me wonder if part of the rationale is due to large expenditures with luxury goods and lifestyle, offsetting their higher income.

Most of the Korean immigrants I know did not have much money when they came to the states, but they value education and hard work, to make a good living. The same can't be said with the next generation.

I noticed a lot of first generation Koreans working their TAILS off to create a good life for their family, while their kids enjoyed the fruits of their parents labor. Example: Their child does not need a new BMW 340i, as a gift when they get admitted to USC, especially when the parents are covering tuition/boarding, working 7 days a week at their mom & pop store, and still driving 10 year old Hyundais.
That is similar to what is happening with American kids as well. Spoiled.
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Old 10-23-2018, 10:01 AM
 
408 posts, read 542,144 times
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Quote:
Originally Posted by suziq38 View Post
The Japanese have historically been the wealthiest. Next the Chinese. The Korean total surprised me, as did the Filipino total.
The Vietnamese total is spot on, as they tend to struggle.
Why does the Filipino total surprise you? For Koreans, it makes me wonder if they really stay here or go home when they are wealthy. Also outside of certain metropolitan areas there aren't that many Koreans.

Filipinos that come here are mostly educated, working in either healthcare as a nurse or doctor or IT. I don't find it surprising that their net worth is that high. I think Americans have had this stereotype of Filipinos being home help but that's not the majority of our expats. Nursing is the country's biggest export since WWII
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