A look at wealth in China: its magnitude, how it’s being spent and invested, and the yawning inequality gap that has only grown in the Xi era.
Customers at a Dior cosmetics shop in Sanya city, Hainan province, September 27, 2014. Credit: Imaginechina via AP Images
How have China’s wealthiest fared amid the pandemic and Xi Jinping’s drive for common prosperity? Rather well, according to two reports which suggest that China’s rich have only gotten richer.
The top 0.001 percent of China’s population — or about 14,000 people — now own close to 10 percent of national wealth, up from 6 percent in 2016, according to a new report by the World Inequality Lab, a research center at the Paris School of Economics co-led by the economist Thomas Pik
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