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China's wealth, income levels of inequality surpassing much of Europe, resembling the U.S., study finds (sccei.fsi.stanford.edu)

submitted 13 hours ago by Hotznplotzn@lemmy.sdf.org to c/world@lemmy.world

4 comments fedilink hide all child comments

cross-posted from: https://lemmy.sdf.org/post/46047488

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Since 1978, China has transformed from a poor, relatively equal society to a leading global economy with levels of inequality surpassing much of Europe and resembling the U.S.

The state-owned (vs. privately-owned) share of China’s wealth fell from 70% to about 30%, compared to 0% in the U.S. (adjusted for debt).

The share of China’s national income earned by the top 10% of the population has increased from 27% in 1978 to 41% in 2015, nearing the U.S.’s 45% and surpassing France's 32%.

Similarly, the wealth share of the top 10% of the population reached 67%, close to the U.S.’s 72% and higher than France’s 50%.

[...]

Income and wealth inequality in China approaching or exceeding levels in the U.S. and Europe. China’s inequality levels used to be lower than Europe’s in the late 1970s, close to the most egalitarian Nordic countries. Now, however, it is approaching U.S. levels. The bottom 50% earns about 15% of total income in China versus 12% in the U.S. and 22% in France. However, China’s top 10% wealth share (67% in 2015) is getting close to that of the U.S. (72%) and is much higher than in a country like France (50%).

[...]

While comparisons are difficult, the available evidence indicates that income growth trends in China during this period [between 1978 and 2015] may have been more egalitarian than those of the U.S., but less so than Europe’s. However, the current lack of transparency about income and wealth data in China, especially regarding offshore assets, puts serious limits on researchers’ collective ability to monitor inequality dynamics and design adequate policy responses.

[...]

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[–] Hotznplotzn@lemmy.sdf.org 19 points 10 hours ago* (last edited 10 hours ago)

Yeah, this is because China comes from an extremely low level, though. It doesn't change the simple fact that there has been a sharp rise in income and wealth inequality within China as the 'upper class' benefited significantly more than the bottom half from Chinese economic policy.

Wealth is significantly more concentrated than income: the top 10% holds approximately 67% of China’s wealth compared with 41% for income. The top .001% owns 5.8% of China’s total wealth, which is roughly equivalent to that of the bottom 50%.

{Edit typo.]