[lbo-talk] From little red books to Gucci bags

[Marv Gandall]

The contradictory legacy of the Chinese Revolution: More people have been lifted out of poverty but class inequality has grown at a greater pace than at any time in world history.

"About a third of China’s wealth belongs to just one per cent of the population. While China’s poor still inhabit a developing-world economy, a recent report found that the country now has more dollar billionaires than the U.S. does.

“A study by the Bank of China and the Hurun Report found that sixty per cent of the country’s rich people were either in the process of moving abroad or considering doing so.”

http://www.newyorker.com/magazine/2016/02/22/chinas-rich-kids-head-west