As Inflation Soars China Trolls US for Disparity Between the 1 Percent and Rest of America

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.

Xi Jingping Speech
A new Chinese report slammed the United States' wealth disparity, despite China reportedly having one of the worst rates of inequality in the world. Here, Chinese President Xi Jinping can be seen giving a speech in June. Kevin Frayer/Getty

The largest percentile, the bottom 50 percent of Americans, held only $3.03 trillion of the country's monetary funds, according to the Federal Reserve.

China's jab at the United States comes after Americans saw inflation balloon to a 39-year high in November, although investors appear not to be swayed as the stock market saw record-high closes on Friday.

Additionally, the Biden administration has been touting the 210,000 jobs that the economy added last month as proof of economic recovery, as well as gas prices, which have dropped an average of eight cents per gallon in November.

Some may view the mocking as ironic given that it is coming from China, whose own wealth inequality is among the worst in the world. In the social mobility index released this past January, China ranked 45th out of 82 nations tallied, putting them below the United States, Russia and South Korea, among others.

A report from The Guardian stated that China's wealth gap continues to expand, as the nation's ultra-wealthy class has grown by more than 9 percent over the past 40 years.

Despite their own issues, China appears to be using every tactic at its disposal to hit back at the U.S. as more and more countries announce diplomatic boycotts of the 2022 Winter Olympics in Beijing.

Amidst international concerns over human rights records in China, particularly among Muslim Uyghurs, the United States became one of the first countries to announce that diplomats would not attend the festivities. The U.S. also imposed a series of additional Chinese sanctions.

The U.S. was soon joined by a number of other allied nations, including Australia, the U.K. and Canada. China warned nations boycotting the games that they would "pay the price for their mistaken acts."

"The United States, Britain and Australia have used the Olympics platform for political manipulation," a Chinese foreign spokesperson stated.

The Olympics are slated to begin in February.

Newsweek reached out to the Chinese Embassy for comment.