The Media Partnered with Robber Barons Are Digging Vietnamese Youth a Hole They Won’t Get Out Of.
By Nguyen Ayi
Despite being exploited as laborers by major corporations like Apple, Amazon, Grab, and Lazada, many individuals from lower socioeconomic backgrounds find themselves drawn to the lives of the wealthy elite.
Recent studies reveal a staggering disparity between CEO compensation and the wages of average workers. For instance, in 2024, the average CEO at the S&P 500’s lowest-paying firms earned $17.2 million, while the median worker’s salary was only $35,570. This results in a CEO-to-worker pay ratio of 632:1, a significant increase from 560:1 just five years prior. Notably, Starbucks’ CEO compensation reached an astonishing 6,666 times that of the median employee, highlighting the extreme nature of this inequality.
| Statistic | 2024 Value |
|---|---|
| Average CEO Pay | $17.2 million |
| Median Worker Pay | $35,570 |
| CEO-to-Worker Pay Ratio | 632:1 |
| Starbucks CEO Pay Ratio | 6,666:1 |
This growing gap is a global trend where executive pay has skyrocketed while worker wages stagnate or decline. Between 2019 and 2024, CEO pay increased by 34.7%, while median worker pay rose only 16.3%, failing to keep pace with inflation, which was 22.6% during the same period.
The Debt Burden on Gen Z in Vietnam
In Vietnam, Generation Z is increasingly facing a significant debt burden, primarily due to the rising popularity of credit cards and personal loans. As of 2025, it is estimated that around 30% of Vietnamese Gen Z individuals have taken on credit card debt, with the average outstanding balance reaching approximately 6 million VND (around $250). Additionally, many are turning to personal loans, with the total consumer debt in Vietnam projected to exceed 1.5 trillion VND (approximately $63 billion) by the end of the year. This trend reflects a growing reliance on credit to finance lifestyles that are often influenced by the aspirational narratives of wealth and success portrayed in media. The pressure to keep up with these ideals can lead to a cycle of debt that further complicates their financial futures.
The Role of Inherited Wealth
The allure of wealth is further compounded by the reality of inherited wealth. The Great Wealth Transfer, projected to transfer nearly $124 trillion from older generations to younger ones over the next 25 years, underscores the systemic advantages held by the wealthy. In fact, 61% of U.S. wealth is controlled by older Americans, many of whom will pass down significant assets to their heirs. The average inheritance for American households is around $46,200, but this figure is skewed by the substantial inheritances received by wealthier families.
Younger generations, particularly Millennials and Gen Z, are increasingly banking on these inheritances, with many expecting to receive around $335,000 on average. This expectation shapes their financial behaviors and aspirations, creating a psychological connection to the lifestyles of the rich.
The Psychological Appeal of Wealth
For many individuals in lower-income brackets, reading about or following the lives of the wealthy serves as a form of escapism. It allows them to vicariously experience a lifestyle that feels unattainable. This fascination can be seen in the popularity of reality television shows, celebrity news, and social media influencers who flaunt their wealth. The narratives surrounding these figures often glamorize their lifestyles, making them aspirational figures despite the stark realities of economic inequality.
The enjoyment derived from these stories can be seen as a coping mechanism, providing a sense of hope or aspiration in a world where economic mobility is increasingly limited. This paradox highlights a societal issue where the exploited labor force finds solace in the very system that marginalizes them.