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You're right. Wealth is relative.
I would consider myself rich if I could retire tomorrow and live comfortably for the rest of my life.
I would suggest that a country which has a large and growing trade deficit is poor.
I believe any measure of wealth should always include a metric of 'uncontrolled time'. This is time upon which there are no demands. You may choose to use it for your hobby, for your family or simply to do nothing - but it belongs to you and you only. Time is the truest most scarce resource.
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