China is now world’s richest nation, a report in Bloomberg said as the global wealth tripled over the last two decades.
Overtaking USA China surged up to the top spot in the world’s richest country. The research arm of consultants working in McKinsey & Co. analyzed the balance sheets of ten different countries that, combined, comprise 60% of the world’s total income.
The world’s net worth rose to an unprecedented $514 trillion in 2020, from an earlier net worth of $156 trillion in 2000, with China taking the largest single share: nearly one-third of the world’s income. “We are now wealthier than we have ever been,” Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.
According to a new global financial data from McKinsey & Co., initially reported by Bloomberg, China’s wealth launched to $120 trillion, from its previous $7 trillion in 2000 — an unspeakably colossal growth from its days before joining the World Trade Organization, which accelerated its rise to power.
The U.S., meanwhile, has experienced muted increases in property prices, but nearly doubled its net worth over the same period, to $90 trillion. China and the U.S. are the largest economies in the world, but the lion’s share of the world’s wealth is held by the richest 10% of households. And they’re only getting richer, according to the report. The McKinsey report also said 68% of the global net worth is tied up in real estate, but it also included machinery, infrastructure, equipment, and, although comprising a much smaller portion, intangible goods like patents and intellectual property.