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RPT:1 pct of Chinese own one-third of national wealth: report

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(Globalpost/GlobalPost)

BEIJING, July 26 (Xinhua) -- About one percent of Chinese households own one-third of the nation's wealth, raising concerns about income inequality in the world's most populous country, according to a study by Peking University.

Chinese households on average had a net worth of 439,000 yuan (about 71,000 U.S. dollars) in 2012, up 17 percent from the 2010 level, the university's Institute of Social Science Survey said Friday in its latest report on China's livelihood development.

However, income inequality rose rapidly during the period, the report said, as the top one percent of Chinese households held more than one-third of the nation's wealth, while 25 percent of households at the bottom owned only 1 percent of the country's property value.

The researchers based their main analysis on 2012 data from the China Family Panel Studies, a large-scale survey project conducted by the institute.

The report showed about 74.7 percent of Chinese household wealth came from owning real estate.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140726/rpt1-pct-chinese-own-one-third-national-wealth-report