I came across the below data, made available by the US census bureau,
In general it shows that Asian households income is way superior to the average,
there’s of course the factor that people of Asian origin are recent immigrant compared to the people of European or African origin, and thus they are either themselves, or descendants of people, that worked hard or were well off to be able to come to this far country, so by definition they belong to a higher social class than the average American …
“Indian Americans continuously outpace every ethnic group socioeconomically to reach the summit of the U.S. Census charts. Indian Americans, along with other Asian Americans, have attained the highest educational levels of all ethnic groups in the U.S. 71% of all Indians have a bachelor’s or higher degree (compared to 28% nationally and 44% average for all Asian American groups). Almost 40% of all Indians in the United States have a master’s, doctorate, or other professional degree, which is five times the national average. Thomas Friedman, in his recent book, The World is Flat, explains this trend in terms of brain drain, whereby the best and brightest elements in India emigrate to the U.S. in order to seek better financial opportunities. Indians form second largest groups of physicians (3.9%) after non-Hispanic whites as of 1990 survey, and very likely much more like 10% in 2015.”
But then, i realized an important factor, which is education, but not simply education but specific type of education, that is known to be in demand and to bring a descent living. Like for example physicians. A study by NCBI shows that some races are more likely to work in less favorable regions – aka making less money, hence some people do it as vocation by some do it for the money.
The idea is simple, some jobs make more money, and in some cultures they push kids to go after these jobs, especially when you are in a foreign country, where there’s a shortage.
For example, when i was a small kid, like many others the choice of future careers were: fireman, policeman, teacher, doctor, lawyer, engineer … but as i grew my society and parents had some kind of invisible pressure that pushes kids towards mainly 3 fields: lawyers, doctors and engineers …. then of course people end up doing different things when they grow up, but still many become lawyers, doctors and engineers, so in my small country we had too much of all 3 of those…
In Europe i sensed a different approach, i noticed that parents just want their kids to be happy, do whatever they want in life and be happy -be an artist, musician, teacher, …-.
The difference is mainly due to the fact that in developing countries you will need to find a good job that can feed you for now and for when you grow old and retire, as often retirements plans are not a good insurance for old age …. In developed countries it’s not the case, in developed countries it’s better to have minimum responsibilities and be able to enjoy life when you are still young and able to.
So eventually it comes down to that, whether you want financial stability or happiness for your kids, sometimes both are possible, but with employment there is always the financial risk of losing the job, or company going bankrupt…