this post was submitted on 14 Dec 2024
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China ranks second in the world in number of millionaires as well as number of billionaires.
China ranks second in the world in human population, too.
They also have more millionaires per capita than Countries like Russia, but I focused on total number because a country that actually oppressed capital owners wouldn't have any billionaires.
China’s top 1% income share is lower than US and Russia. Top 10% income share is also lower in China.
Quantity of bourgeoisie is not an indication of who runs the country or which is primary, public or private property
China has the second biggest population in the world, period.
The PRC saw what happened when you cracked down too hard on wealth inequality too early in the USSR, there was significant brain drain and people took what they could elsewhere. This eventually led to decreased growth and contributed to collapse. The PRC instead allows billionaires (so long as they don't commit crimes), and as a consequnce they now have the largest economy by PPP and second largest by GDP. It's a "boiling the frog" approach.
And capitalists have no choice but to partake now, even western companies are tripping over themselves to set up shop in China because that's the biggest market now that the leeches have bled the US population almost dry and destroyed their supply chains. They literally can't compete, unless they invest and build in China.
They're selling them the rope, and that's why the US has gotten progressively more rabid against the CPC.
Per capita or total?