As inflation continues to rise across the United States, a new report from China on Friday appeared to mock the increasing disparity between the extraordinarily wealthy one percent and the rest of the country. The report was issued by a think tank on behalf of the Xinhua News Agency, the state-run media organization of China. Entitled "Ten Questions for American Democracy", it was accompanied by a poster with a multiple-choice question. "Which of the following is true?" the poster asks, followed by three different percentage options. The poster then pointed to the option labeled "1% > 90%", indicating that only one percent of Americans held over 90 percent of American wealth.
"As of the second quarter of 2021, the top 1% of Americans' wealth exceeded the bottom 90% of Americans' wealth," the poster states at the bottom.
China's report appears to be based on statistics from the U.S. Federal Reserve. Data released by the Federal Reserve for the second quarter of this year revealed that the top 1 percent held approximately $43.27 trillion of the nation's total wealth. This is compared to Americans in the 50 to 90 percentile, who hold just $37.25 trillion across a much larger spectrum.
