Quote:
Originally Posted by blankall
We're getting into sticky territory here. However, I do think that the perceived wealth of communities that have multi-generational families in one household is greater than the actual wealth.
You might find a family in a massive and expensive house, but there could be 3+ sets of independent family units in one building. Therefore, you have to divide the value by 3+. The rent savings of living like that would also allow you to spend more money on things like vehicles.
Great way to pool assets, save, and invest....but you also have to live with the in-laws.
Specifically, with Sikhs there are also many first generation immigrants who are working their @#$@# off in factories and mills, driving cabs, doing janitorial work, working security, etc... and these people are not rich.
The people that do have wealth tend to by their children gifts north american born parents wouldn't (ex fancy cars), so it adds to the perception of their being more wealth there than there actually is.
I have many Sikh friends, who on the face appear ridiculously wealthy, but when you break it down to actual assets per person, it's not as crazy as it seems.
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OK, I can admit that I am wrong and what you say makes sense. The Sikh's I personally know are not incredibly wealthy either and most are first or second generation. The Sikh community in BC dates back to to the late 1800s and I do believe a lot of the original Sikh settlers made out really well and are more established that many other communities in BC. Many of the families that were located in BC by the British in the 1800s were able to acquire cheap agricultural land that today is really valuable. The British took advantage of Sikh agricultural expertise in a lot of their Pacific and African colonies. Several years ago when I was working in geotechnical consulting and the valley was blowing up with development, it seemed like the firm I was working for was almost exclusively doing work for Sikhs developing their properties, so my experience probably gave me a skewed perspective on the reality and introduced me to one extreme side. I will say this, they had a reputation for being extremely hard working and honest.