"12 years ago, Tim Worstall wrote in Forbes, “Britain Is Poorer Than Any US State: Yes, Even Mississippi.”
He cited the Luxembourg Income Study and noted something else, which is related:
As an example of output from the LIS they had a wonderful paper a decade ago showing that the bottom 10% in the US have the same incomes (yes, PPP adjusted) as the bottom 10% in either Sweden or Finland. While the top 10% have very much larger incomes than the top 10% in either country. All that redistribution hasn’t made the Nordic poor richer than the American poor but it has made the rich poorer.
The USA has roughly twice as many billionaires as the entire EU, despite the EU having a larger overall population (~450 million vs. ~340 million in the USA).
Billionaires matter because their wealth reflects the success of enterprise. As Jack Kennedy said of a successful economy, a rising ocean lifts all boats.
Small wonder Democrats hate him now. "