Yawning wealth difference widening inequalities in China, warns report

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Yawning wealth difference widening inequalities in China, warns report - Business Standard

Quick Summary:

The combined wealth of the 5.12 million families in China with over six million yuan (USD 824,000) in assets was stated to be about 150 trillion yuan (over USD seven trillion) in 2024, according to a report published by the Hurun Research Institute.

China's wealthiest individuals continue to grow richer, widening economic inequalities in the country despite the ruling Communist Party's efforts to control private businesses and implement policies aimed at boosting people's incomes, a report here said.

Of this, the wealthiest 130,000 families accounted for 58 per cent in 2024, which is up from 56 per cent a year earlier, the report said.