How many thirtysomethings in Europe are considering retirement? (Whose parents couldn’t do the same.)
I’m a bit of a mutt, but I hold Swiss and American citizenship. The European economic model is set up for stability, not massive accrual of wealth. One of the things that wealth lets you do is travel frequently to Europe, to see and experience its beautiful cities and culture. But in terms of living space, amenities, access to services, et cetera, an upper-middle class American commands resources on par with Europe’s rich. Rich Americans, on par with Europe’s remaining aristocracy.
Switzerland is a bit weird in that respect and loves working even more than the US does. You’re not a good Swiss if you’re not working 0800–1800 and loving it.
The rest of Europe is much more chill with work. There is also much better healthcare/insurance and retirement safety nets so maybe people done feel as much of an urge to quit early?
> The European economic model is set up for stability, not massive accrual of wealth.
The American system is set up for transfer of wealth not accrual. You can FIRE with a couple millions dollars and it takes just one or two events to take all of that from you without you having a choice. How many thirtysomethings in Europe are buried under hundreds of thousands of Euros in medical and student loan debt?
I think I'd rather pay of my half million mortgage while being protected in many many ways than facing complete wipeout just because "muh freedom".
> American system is set up for transfer of wealth not accrual
Simply untrue when you look at the money made in stock options.
The transfer happens from the lower and middle to the elite; the same occurs in Europe, where the ultra rich pay almost no taxes after accounting for tailor-made subsidies. (To say nothing of Europe’s own mass of FIRE millionaires.)
> I'd rather pay of my half million mortgage while being protected in many many ways than facing complete wipeout
You’re not at risk of wipe-out from those risks in and above the upper-middle class, i.e the group who could reasonably support sending a child overseas for schooling. (Total emigration is a separate question.)
I’m a bit of a mutt, but I hold Swiss and American citizenship. The European economic model is set up for stability, not massive accrual of wealth. One of the things that wealth lets you do is travel frequently to Europe, to see and experience its beautiful cities and culture. But in terms of living space, amenities, access to services, et cetera, an upper-middle class American commands resources on par with Europe’s rich. Rich Americans, on par with Europe’s remaining aristocracy.