A lot of those residuals are subsidized as well. When it's the car manufacturer's doing the lease they can set the residual wherever they want it to make the financing work.
If you want to talk depreciation take a look at my 2004 Volvo V70R. $44,000 MSRP, wholesale today is about $23,000, that's after 24 months. My 36 month residual is $24K
Volvo's gonna take it in the a** when I turn this in a year from now, somewhere to the tune of $5K but that's not my problem.