Global Times, under Chinese state daily news Renmin, recently republished an article by Outlook Weekly describing the loss of balance in the distribution of wealth in China. The rapid growth of the Chinese economy in recent years has created a large number of wealthy people. In 2009, the top 40 richest individuals all had over US$7 billion in net worth, while only 24 met the same standard in 2008. Research shows that the primary source of income for the wealthiest is the real estate market. The second primary source is the capital market. 19 out of the 40 richest individuals are in the real estate business. The wealthy in China accumulate wealth exceptionally quickly. This brings their method of obtaining income into question. Corruption, “grey income,” and monopolies are among the issues. The biggest problem, the article pointed out, is that the gap between the wealthiest and the average Chinese is getting larger and larger.
Source: Global Times, February 13, 2010