China and India's wealth

[ronki23]

According to the wealth pyramid, the rich-poor divide and income inequality are not the same thing

India has far more income equality / less income inequality as well over 2/3rds of its population are on less than $10,000

The rich-poor divide is much less in China because 63% of the Chinese are earning under $10,000 and 34% are earning $10,001-$100,000, 5 times as many Chinese than Indians are earning $100,001-$1 million. This must be because of the socialism ?

I do not know what the definition of 'rich' is

 

[Debater Slayer]

This must be because of the socialism ?

China has state capitalism, not socialism, so I don't think socialism would be the reason for anything there.

 

[ronki23]

China has state capitalism, not socialism, so I don't think socialism would be the reason for anything there.

Smaller rich-poor divide than India: more distribution throughout the various levels of income

 

[ronki23]

This is worth a read:

Why China Isn't Capitalist (Despite the Pink Ferraris) – Spectre Journal

Richard Smith argues, contra Eli Friedman, that China is not capitalist by a long a shot.

spectrejournal.com

 

[JIMMY12345]

According to the wealth pyramid, the rich-poor divide and income inequality are not the same thing

India has far more income equality / less income inequality as well over 2/3rds of its population are on less than $10,000

The rich-poor divide is much less in China because 63% of the Chinese are earning under $10,000 and 34% are earning $10,001-$100,000, 5 times as many Chinese than Indians are earning $100,001-$1 million. This must be because of the socialism ?

I do not know what the definition of 'rich' is

Does anyone have stats on Russia?

 

[Audie]

Of a person makes 40k USD they
are in the top 1 %

 

[ronki23]

Of a person makes 40k USD they
are in the top 1 %

Chart says in 2017 2.7% of Chinese make $100,000 to $1 million
Unless you are referring to India where 0.47% earn that much ?

There will obviously be more now as that chart is 6 years old

 

[Audie]

Chart says in 2017 2.7% of Chinese make $100,000 to $1 million
Unless you are referring to India where 0.47% earn that much ?

There will obviously be more now as that chart is 6 years old

I'm speaking of the earth as a whole

 

[ronki23]

I'm speaking of the earth as a whole

Oh I see.

40k USD is crap. That's how much I want to earn as a minimum in sterling (our GDP per capita is slightly below that).

 

[Audie]

Oh I see.

40k USD is crap. That's how much I want to earn as a minimum in sterling (our GDP per capita is slightly below that).

I oughtnt quote without confirming