China’s 70% Wealth Owned by 0.4% Families – Yahoo China

 Auto News 2003-04-23 1 33-2-2054-36220 20030423112044

A Yahoo China’s article about China’s immensely skewed wealth distribution was reposted by Reporters’ Home on Xici.net:

China’s 1.5 million families, or 0.4% of its total, own 70% of the country’s wealth, according to a latest report by Boston Consulting published on Oct. 17. In developed countries, usually 5% of the households account for 50-60% of the total wealth.

The report shows some Asian countries are some of the most inequal societies. Last year, wealthy Taiwanese families own $1,471 trillion , followed by the Mainland of $1,335 trillion. A senior manager of Boston Consulting’s Beijing office says the Mainland will soon overtake Taiwan.

Worldwide, there are 7.2 million families with managed assets of more than $1 million a year. There are 3 million such American families, 825,000 Japanese ones, 250,000 Chinese ones, following UK, Germany and France. [Full Text in Chinese]

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