Earlier quoted context omitted.
Why then, outside of Norway, Luxembourg, Switzerland, and the UAE (All of which are tiny countries, and at least two of them are Petrostates), does the United States have the world's highest median income with a population of over 342 million people? The typical American is insanely wealthy by global standards.
Sure, the USA is in the top five in terms of median income. They are also tied for first for having the highest cost of living. https://worldpopulationreview.com/country-rankings/cost-of-l...
Who cares?
Absolute savings rate and net worth are what matter.
Any European will gladly live in America for US$1 million/year income even if the cost of living is US$300k/year.