China Data: Wealth Inequality in China

From stats on wealth inequality in China, Chinese tourists in Japan and technology joint ventures, the numbers you need to know.

“China has become the billionaire capital of the world,” newspaper headlines screamed recently. According to the Hurun Global Rich List, with 568 billionaires, Greater China overtook the US (with 535 billionaires). Mainland China, Hong Kong, Taiwan and Macau minted 90 new billionaires in total over last year. The number of Chinese billionaires grew by 80% since 2013 and Beijing earned the distinction of having the most billionaires globally. “Beijing is the new ‘Billionaire Capital of the World’, snatching the title from New York for the first time. 100 of the Hurun Billionaires live in Beijing, up 32 from last year,” said the report.

Even as the ranks of billionaires swell in China, the damning reality is that wealth is concentrated amongst a handful of people. According to a recent survey conducted by a Peking University institute, 1% of families in China own 1/3^rd of the total wealth. The poorest 25% of families own only 1% of China’s wealth. That speaks of a serious imbalance—and inequality—in the society.

In this edition of China Data, we bring you statistics on China’s wealth imbalance, Dalian Wanda’s investment in healthcare, Chinese tourists in Japan, and more.