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

Discussion in 'China' started by LETHALFORCE, Aug 18, 2012.

  1. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    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.
     
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  3. The Messiah

    The Messiah Bow Before Me! Elite Member

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    It is the same all over the world.
     
  4. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    More in developing countries with a growing middle class.
     
  5. civfanatic

    civfanatic Retired Moderator

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    India has better income equality than 'socialist' China.
     
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  6. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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    I doubt you would even see 50 cent denying this. They know that to be all too evident.
     
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  7. J20!

    J20! Senior Member Senior Member

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  8. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    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.
     
    Last edited: Aug 19, 2012
  9. tony4562

    tony4562 Tihar Jail Banned

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    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.
     
  10. Daredevil

    Daredevil On Vacation! Administrator

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  11. Daredevil

    Daredevil On Vacation! Administrator

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    Check the link posted by your mindless zombie tongzhi

    https://www.cia.gov/library/publications/the-world-factbook/rankorder/2172rank.html

    India has better income equality than China.
     
  12. Apollyon

    Apollyon Führer Senior Member

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

    LETHALFORCE Moderator Moderator

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  14. Armand2REP

    Armand2REP CHINI EXPERT Veteran Member

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  15. hit&run

    hit&run Elite Member Elite Member

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    Zombies...ha ha ha :rofl: . 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.
     
  16. Ray

    Ray The Chairman Defence Professionals Moderator

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

    Ray The Chairman Defence Professionals Moderator

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    Figures baffle people!

    Quote from Xi Jumping!
     
  18. nimo_cn

    nimo_cn Senior Member Senior Member

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    Dont' want to defend Chinese wealth distribution system, because apparently it fails to curtail the widening gap between the rich and the poor in China.

    , boasting about their so-called middle class, I am amused.

    Enlighten me, my Indian fellows, how do you define middle-class in India? And how many of Indians are qualified for middle-class?
     
    Last edited by a moderator: Aug 19, 2012
  19. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    Faber: India's Middle Class Will Soon Be Larger Than America's - Business Insider

    India’s middle class is estimated at 170 million (half the population of the US), and the country has one of the lowest vehicle-penetration rates in the world. Given that India also has one of the youngest populations—half of its 1.1 billion-plus people are less than 25 years old, compared to 42% in Brazil, 36% in China, and less than 30% in the developed nations—car sales will undoubtedly continue to soar in the next few years. In this respect, we should also take into account that India’s population will continue to grow rapidly and will exceed China’s population before 2030.

    ...

    McKinsey estimates that by 2025, India’s middle class (households with disposable incomes of from 200,000 to one million Rupees a year) will increase to close to 600 million people, or more than 40% of the population.



    Read more: Faber: India's Middle Class Will Soon Be Larger Than America's - Business Insider
     
  20. Known_Unknown

    Known_Unknown Devil's Advocate Stars and Ambassadors

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    Yea, since almost everyone in India is dirt poor, there isn't much inequality relatively speaking. Where there is greater total wealth, there is often also a greater inequality, especially since the vast majority of the world is now capitalist.
     
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  21. J20!

    J20! Senior Member Senior Member

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    It's called an honest mistake. But it seems that on DFI moderators launch unprovoked personal attacks against other members purely based on their race, calling us names like "zombies", "barbarians", etc etc. Who exactly do I report you to? Yourself?
     
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