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The extraordinary shift in wealth controlled by 10% of the households in China from 31% in 1995 to 86% in 2011, which makes a shift to consumer spending and rebalancing the world economy less likely
10/03/2012
By comparison estimates show 10% of the households in the U.S. control 74% of the wealth. Most of the shift in wealth happened in the last 10 years 2002-2011, as by 2002 41% of the wealth in China was controlled by 10% of households. About 55% of China's households had little or no savings for the year, in this 2011 survey cited by NYT's Orlik, which means a shift to consumer spending for the Chinese economy is less probable in the short run.
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Wall Street Journal 10.03.2012
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