Argentina's continued collapse by another Redditor in June 2023

[TWB103]

Many Argentines hold EU passports but prefer to stay in AR because they got a great lifestyle and earn/make good money. When the economic crisis hit Argentina like 20 years ago, even though Argentines could travel to US visa free, there hasnt been any cases of mass migration. I know many Spanish or Italian Argentines with great career in EU, they came back to live in AR. Certainly there will be people who’d take this one way ticket but those people will amount to just a few.

Infobae 5 Dic, 2022 - Los argentinos que se mudan a España se multiplican y los números ya se parecen a los de la crisis de 2001. El Instituto Nacional de Estadísticas del país europeo reveló que 353.000 argentinos viven en ese país y el número subió casi tanto como después de la última gran crisis del país...

 

[Redpossum]

Infobae 5 Dic, 2022 - Los argentinos que se mudan a España se multiplican y los números ya se parecen a los de la crisis de 2001. El Instituto Nacional de Estadísticas del país europeo reveló que 353.000 argentinos viven en ese país y el número subió casi tanto como después de la última gran crisis del país...

chetos

 

[Quilombo]

Lol thank you for posting as I needed a good laugh. I can't believe it, I must be incredibly lucky as I went out for dinner with a friend and not only did they have everything on the menu, my friend was unable to finish her pasta as she was full.

Part of me thinks this is just Mileista teenagers writing stuff to make Argentina look worse than it is.

 

[earlyretirement]

Let’s put it this way. People who live in most of the western BA, these are Puertt Madero, Recoleta, Palermo, Belgrano, are millionaires. The property they own is around half a million at least plus the Country houses in pilar etc. it’s a city of 14 million so you do the math! Also; Vicente Lopez, Martinez, Olivos! I can guarantee you that everyone living in Nordelta is a multi millionaire! A population of around 40.000. And I’m not counting in the people in other cities. I know it’s hard to believe but I have been going down there since 1996 and married to one and the amount of money they got is unbelievable! They’re saying there’s at least 100k properties owned by Argentines in Florida. There’s economic problems in Argentina for sure like many other places. But there’s a lot of Argentines with a lot of money. I’m talking about the cash and the assets! So my brother; coming from somewhere in North America or Europe and thinking that this person will be in the upper 1% in Argentina by default would be a big insult to this country!

For sure there is a lot of wealth in Argentina. But I don't think you can lump in most of the people in Puerto Madero, Recoleta, Palermo, Begrano as "millionaires". You have to strip out the principal property they live in. You have to remember that many of these properties (besides Puerto Madero which is relatively new) are properties that have been passed down from generation to generation.

I know a ton of people that inherited properties in these areas but they are far from millionaires. Remember that with a non-functional banking system, Argentines didn't really have anywhere to put their money. Sure, many had bank accounts in USA, Uruguay and Europe. But many just preferred to put their net worth into real estate. LOTS of properties are owned by Argentines that just didn't want to have cash sitting in their house. Safest long-term asset in Argentina. People use real estate as piggy banks.

But many owners in many of these neighborhoods you mentioned, bought their properties when they were very cheap. Many are far from millionaires let alone multi-millionaires. But I do agree with you that many of these locals have a high net worth. I always assume conservatively say at least 10% of the Greater Buenos Aires area are very wealthy. In an area of 15+ million people, that is a lot of people with a lot of money.

But many are "house rich" and "cash poor".

 

[Lanick]

For sure there is a lot of wealth in Argentina. But I don't think you can lump in most of the people in Puerto Madero, Recoleta, Palermo, Begrano as "millionaires". You have to strip out the principal property they live in. You have to remember that many of these properties (besides Puerto Madero which is relatively new) are properties that have been passed down from generation to generation.

I know a ton of people that inherited properties in these areas but they are far from millionaires. Remember that with a non-functional banking system, Argentines didn't really have anywhere to put their money. Sure, many had bank accounts in USA, Uruguay and Europe. But many just preferred to put their net worth into real estate. LOTS of properties are owned by Argentines that just didn't want to have cash sitting in their house. Safest long-term asset in Argentina. People use real estate as piggy banks.

But many owners in many of these neighborhoods you mentioned, bought their properties when they were very cheap. Many are far from millionaires let alone multi-millionaires. But I do agree with you that many of these locals have a high net worth. I always assume conservatively say at least 10% of the Greater Buenos Aires area are very wealthy. In an area of 15+ million people, that is a lot of people with a lot of money.

But many are "house rich" and "cash poor".

Hello, great to read what you got to say. You’re technically saying the same thing I do! All I was trying to say; it’s an inaccurate or for some others humiliating opinion to think that you will arrive and be in the upper 1% financially! Be it inheritance or earned money, there are a lot of wealthy people in Argentina and a foreigner who has similar money to be in the 1% wouldn’t need to move to Argentina as they would be very fine back home unless they have a different kind of bond with Argentina like family, business etc. Most people move to AR to have a better life for less. I know a lady who has $1500/month coming in and she is very happy to be in BsAs. Another guy getting $2000/month rent from his Ohio property and he is happy here and living a good life. But they’re nowhere near the %1 and should they live the same life back home they wouldn’t be in AR.

 

[Lanick]

Infobae 5 Dic, 2022 - Los argentinos que se mudan a España se multiplican y los números ya se parecen a los de la crisis de 2001. El Instituto Nacional de Estadísticas del país europeo reveló que 353.000 argentinos viven en ese país y el número subió casi tanto como después de la última gran crisis del país...

There are more Argentines moving to Spain compared to previous years but that doesn’t mean they’re migrating in hordes!

 

[TWB103]

There are more Argentines moving to Spain compared to previous years but that doesn’t mean they’re migrating in hordes!

I didn't say they were migrating in hordes. But many would -like- to migrate. The numbers in Spain are almost the same as after the 2001 crisis. Are you saying the crisis wasn't that bad then?

I know from personal experience having spoken to Argentines that live in Spain. They all love being there and all have multiple family members especially younger ones who want to migrate to Spain but practically for various reasons it's not often possible.

 

[Jtee125]

I didn't say they were migrating in hordes. But many would -like- to migrate. The numbers in Spain are almost the same as after the 2001 crisis. Are you saying the crisis wasn't that bad then?

I know from personal experience having spoken to Argentines that live in Spain. They all love being there and all have multiple family members especially younger ones who want to migrate to Spain but practically for various reasons it's not often possible.

A bit of an aside but is it only children/grandchildren of (former) Spanish citizens that have such eligibility to migrate to Spain?

 

[Ronnie Hotdogs]

No anyone with an EU passport.

 

[Jtee125]

No anyone with an EU passport.

Wish I still had one of those!