Who cares?
Absolute savings rate and net worth are what matter.
Any European will gladly live in America for US$1 million/year income even if the cost of living is US$300k/year.
https://www.ft.com/content/653bbb26-8a22-4db3-b43d-c34a0b774...
OK, now tell me how the savings and net worth look like for your average American. I'll give you a bit of a spoiler: it's not good.
Who cares?
Absolute savings rate and net worth are what matter.
Any European will gladly live in America for US$1 million/year income even if the cost of living is US$300k/year.