Earning $20 a Day Makes You One of the Lucky Few
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May 9 (Bloomberg) -- Buying overpriced coffee at foreign-owned cafes in developing nations always gets me thinking: Howmany hours must the average local work to afford a cup?
For almost half of Asia’s citizens, or about 1.8 billionpeople, living on less than $2 a day, the answer is sobering.Take Manila, where the Asian Development Bank last week held itsannual meeting. There, a tall Starbucks latte goes for about$2.60. That’s too steep for many Filipinos; one in four of thenation’s roughly 102 million people lives on $1.25 a day.