Of course there may be (rare) occasions where you need to work overtime, but 40-60 hours on a regular basis seems crazy. 80 hours is insane. People here simply wouldn't do it. I doubt anyone gets any more productive beyond around 30 hours a week.
But yes, Americans work a lot of hours, and in the white collar professions this is especially the cultural norm. Living at the office or being tied to one's computer at home 24/7 (or both) are pretty typical.
I am not rich, and I ended up the single dad of a two year-old recently. So I am still trying to figure that puzzle for myself. Fortunately, I do have the flexibility of being self-employed, but on the other hand, if I don't work (long hours), neither I nor my son will have much to live on.