"Wei He, an analyst at Gavekal Research, estimates that China's bottom 60% of households lost about $200 billion in income during the first half of 2020."
Yet at the same time,
"China added 145 new billionaires between the start of 2019 and July 2020, according to a report by UBS Group AG and PricewaterhouseCoopers LLP. A ranking of China's richest individuals, released this week by the Hurun Research Institute, found 2,398 people had wealth of at least 2 billion yuan, the equivalent of about $300 million, in 2020—up 32% on the previous year. China's richest cohort gained more wealth this year than in any other in the Hurun list's 22-year history, bolstered by a stock-market boom and a wave of new listings."
Read the whole story on The Wall Street Journal here: China Beat Back Covid-19, but It's Come at a Cost—Growing Inequality
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