After three years of the pandemic outbreak in China, the rich get richer, and the poor barely improve.
According to a new report released by World Inequality, 0.001% of China’s population, or about 14,000 people, owns nearly 10% of the country’s wealth, up from 6% in 2016.
Data in the Hurun Report, publishing annual wealth ranking lists, shows that China created a record number of millionaires last year, and their total wealth increased by 27%.
According to Da Ji Yuan, geographically, of the 2.1 million rich families with net assets of more than 10 million yuan (nearly $1.5 million), more than half are located in five localities, including Guangdong, Beijing, Shanghai, Zhejiang, and Hong Kong.
Among the above five localities, the number of wealthy households in the four mainland provinces and cities increased in 2021.
Meanwhile, the number of rich people in Hong Kong fell by 5.4%. This reinforces reports that many of Hong Kong’s wealthy have migrated abroad since the CCP adopted the national security law and zero-COVID policy based on lockdown.
Entrepreneurs now make up only 50% of the wealthy in China, down from 60% the year before. This is partly because China’s regime cracked down on many private enterprises last year, following CCP’s policy.