There are many examples where costs have gone up well over ten times in education, healthcare and other areas but have not had the proportional improvement. Some importnant things cost 10 times as much, 10 times more than they used to and 10 times more than in other countries
Inflation-adjusted cost of a US university education was something like $2000/year in 1980. Now it's closer to $20,000/year. It can still cost $2000 per year for a university education in many universities in Canada.
Do you think that modern colleges provide $18,000/year greater value than colleges did in your parents' day? Would you rather graduate from a modern college, or graduate from a college more like the one your parents went to, plus get a check for $72,000?
Real estate is expensive in Hong Kong and Vancouver but annual tuition for local students is still about US$3000-5000 per year.
Some of the excess cost does go to wages.
Average doctor pay in the U.S. (where more than 70% of doctors are specialists) to that in nations such as Canada and France (where less than half of doctors are specialists) is not very illuminating.