China’s Richest 1 Percent Hold 70 Percent Of Their Nation’s Private Wealth

China's Richest 1 Percent Hold 70 Percent Of Their Nation's Private Wealth | ThinkProgress


falo on Aug 17, 2012 at 3:20 pm
Occupy Wall Street protests last year drew significant attention to America’s income inequality, which has grown by leaps and bounds over the last few decades. But the U.S. is hardly the only nation grappling with extreme inequality. As the Wall Street Journal noted today, China’s richest 1 percent hold 70 percent of their nation’s private wealth:

Just under 1% of households globally control nearly 40% of the world’s private financial wealth, according to the Boston Consulting Group. In China, where nearly half the population is still rural, just under 1% of households control more than 70% of the nation’s private financial wealth, BCG estimated in 2008. Surveys of public opinion regularly place corruption and income inequality at the top of Chinese concerns.

According to the CIA’s World Factbook, China is the 27th most unequal country. The U.S. ranks 42nd. And the problem may be even worse in China than official statistics show, as Businessweek reported:
The incomes of better-off families are understated, says Wang Xiaolu, an economist at the independent National Economic Research Institute in Beijing.

Undisclosed income, which Wang says could add up to $1.4 trillion annually, ranges from kickbacks to businesses or government to perks such as subsidized housing offered by state-run companies. If so, the wealthiest 10 percent of the population earned 65 times that of poorest 10 percent—not the 23 times shown by government data.

In the U.S., the richest 1 percent hold 34.5 percent of total wealth, while the bottom half of Americans hold just 1.1 percent.

It is the same all over the world.

More in developing countries with a growing middle class.

India has better income equality than 'socialist' China.

I doubt you would even see 50 cent denying this. They know that to be all too evident.

China ranks 27 and India a jaw dropping 79. Yeah, that's MUCH better than China...

https://www.cia.gov/library/publicat.../2172rank.html

I think the lower the number the better? All European and Scandinavian countries are low numbers
and developing countries high numbers. The closer to 25 the better India is 36 and China 48 which means
there is a bigger middle class in India than China.

I know someone will immediately jump out to lecture me on some fuzzy statistical sicence, nevertheless I want to serve a reminder that India, home to 40% of the world's absolute poor, boasts 4 of world's top 10 richest people.

However uneven wealth distribution it is in China, I serisously doubt that it is any better in India.

That's the problem with you uneducated trolls. The lower the gini index means the lesser the income inequality. At least read what you have posted, don't post it like a mindless zombie.

Check the link posted by your mindless zombie tongzhi

https://www.cia.gov/library/publicat.../2172rank.html

India has better income equality than China.

with $1.25 a day threshold the figure wont be less than 300 million, you Zombies get excited over pretty little things

Yeah, that is MUCH better than China's Gini score of 48 to India's 36.

Zombies...ha ha ha . such an accurate word to describe Chinese troll phenomenon of bloging world.

Even such a blunt slap will not educate these brain washed zombies.... trolling at every website.

It must be great to be in China, if you are the head honchos!