Reply to In 2020 there are more billionaires in Asia (799) than in North & South America (734) combined

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Reply to "In 2020 there are more billionaires in Asia (799) than in North & South America (734) combined"

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[quote=Anonymous]It may surprise people to learn that China and India were the wealthiest places in the world during most of the last 2,000 years.  It was only after the Industrial Revolution that the West overtook these countries.

Some are making the argument that the large population in Asia makes it poor per capita, and that is true, but is a rapidly industrializing Asia, the level of wealth creation that has taken place, and continues to take place there is almost unbelievable.

The post-WWII period in the US pulled tens of millions of people from the poverty of the Great Depression into the middle class.  In last 30 years, China and India have seen hundreds of millions of people rise out of poverty into the middle class.

Asia has seen more people rise out of poverty in the last 30 years than in any other similar period in the history of the world.

Whereas some see the large Asian population as a drag on average per capita income and wealth, it is that large, relatively poor labor pool that will likely keep its economy growing faster than the rest of the world throughout the rest of this century.[/quote]

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