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China surpasses United States as the world's richest country
China surpasses United States as the world's richest country

Beijing: According to statistics, global wealth has tripled in the last two decades, with China leading the way and surpassing the United States as the world's wealthiest country. A McKinsey & Co. analysis that evaluates the national balance sheets of ten countries that account for more than 60 percent of global income.

According to the research, China accounted for about a third of global net worth gains over the last two decades. In an interview, Jan Mischke, a partner at the McKinsey Global Institute in Zurich, observed, "We are today wealthier than we have ever been." According to the analysis, global net worth increased from USD156 trillion in 2000 to USD514 trillion in 2020. China was responsible for about a third of the rise.

According to the research, the country's wealth soared to USD120 trillion from USD7 trillion in 2000, the year before it joined the World Trade Organization, hastening its economic rise. The US saw its net worth more than double over the time, to USD90 trillion, despite relatively moderate growth in housing prices.

According to the report, the richest 10 percent of households in both countries - the world's two largest economies - own more than two-thirds of the wealth, and their proportion is growing. According to McKinsey, real estate accounts for 68 percent of worldwide net wealth.

 

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