The ramifications of the wealth inequality problem so troubling to Western economists and policy makers is also affecting China. A new research paper by five authors, including Piketty and Saez, reveals that in 1978 the highest earning Chinese 10% took home about 25% of national income before taxes. By 2015, the take of the top 10% had risen to two-fifths of total income. The richest 10% now control about 70% of private wealth in China, up from 40% in 1995. The inequality issue was somewhat mitigated by China’s rapid economic growth. Between 1978 and 2015, the income level of the poorer half of the Chinese population quintupled. During the same time period in the United States, the income level of the bottom half of the population declined by 1%.
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