Wealthy Americans tourists will make Europeans feel like poor cousins at the Paris Olympics
Wealthy Americans are again expected to flock to Europe in droves this summer، where they’ll splash out on pricey hotels at the Paris Olympics or in the Mediterranean، vie for Taylor Swift concert tickets and dispense generous restaurant tips as the tourism industry، which contributes 10% of European Union gross domestic product، will be delighted to welcome these big spenders، however، the locals increasingly look like poor relations، at least in purely financial terms.
US GDP per capita is around 30% larger than the euro area
Wealthy Americans make Europeans to worry about a yawning trans-Atlantic divergence in economic growth and technological competitiveness as US GDP per capita is around 30% larger than the euro area and UK، in addition، an international dollar has the same purchasing power locally as the US dollar has in the United States.
Wealthy Americans are more than any other states but international comparisons are to be treated with caution، as this is one of several showing Americans work more than most Europeans and adjusted for purchasing power parity and in current international dollars، PPP controls for price level differences across countries.
Europe attracts more than half of the world’s international tourists especially Wealthy Americans
While money isn’t everything، Europe would benefit from some soul-searching: Its high living standards are rightly treasured and help explain why it attracts more than half of the world’s international tourists especially Wealthy Americans، but these hard-won achievements are at risk unless politicians do more to boost productivity and maintain prosperity.
For decades، Europeans have drawn solace from the fact that while absolute wealth levels and Wealthy Americans are higher in the US، Europeans fare better when it comes to other elements of the good life as Europeans enjoy longer paid vacations، less gun crime، healthier diets and walkable cities، factors that in turn contribute to greater longevity that average lifespans in the European Union are estimated at 81.5 years، compared with around 77.5 years in the US.
Europe to worry about a yawning trans-Atlantic divergence
Lately، though، Europe has begun to worry about a yawning trans-Atlantic divergence in economic growth and technological competitiveness as well as more Wealthy Americans as Americans just work harder، whereas Europeans are less ambitious and more risk averse، Nicolai Tangen، the head of Norway’s $1.6 trillion sovereign wealth fund، told the Financial Times in April.
Prior to stepping down as chief executive officer of Dutch chip manufacturing equipment giant ASML Holding NV، Peter Wennink warned last year that Europe is falling behind and must overcome complacency، while US is much happier and has more Wealthy Americans but when looking at European society، one sometimes gets the impression that they are، as they say، fat، dumb and happy، he said.
