The American Dream has emigrated
NEW YORK (Bloomberg Opinion) — The concept of the American dream, upward mobility achieved through hard work, still exists, says Neil Dwane. The surprise is that it has emigrated to China.
Dwane, a portfolio manager and global strategist with Allianz Global Investors, with $591 billion in assets under management, notes that economic mobility has fallen in the US. The children of today will be the first generation that probably won’t have a higher standard of living than their parents. There are certainly many advantages these young Americans will enjoy — more leisure time, longer lifespans and better health, and broadly distributed technological innovations. However, the sense of can-do optimism has become tattered and frayed. But upward mobility is still alive and well; it’s just taken up residence in Asia, and in particular, China. Entrepreneurship and fast-growing companies are still in the process of ramping up in that region.
Dwane suggests that if you have a 30-year horizon for your risk capital, you will be amply rewarded by investing in that part of the world. The London-based strategist also noted the parallels between the UK and Brexit and the US and Trumpism.
• Barry Ritholtz is a Bloomberg Opinion columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He is the author of Bailout Nation
Mother sues over seizure of son
Report: HSBC reviews future in Bermuda
BIU addresses job changes, buses
Boat charter operator changes tack
FPC: immigration policies factor in recovery
Live: Protest outside US Consulate at 5pm
About freedom of speech
Online group helps mothers in pandemic
Burt: we can’t sweep racism under the rug
Flood of inquiries about pension withdrawals
Finding a new life away from abuse
Crisis in Hong Kong could be to our benefit
A friendship that has stood the test of time
Jobs hope from space industry
Take Our Poll
- "Views on schools reopening for 2019-20 year during coronavirus pandemic"
- All schools to reopen once cleared
- Older students only
- Older students but for exams only
- Remote learning only
- Total Votes: 4058
- Poll Archive