China overtakes US as world’s richest nation as global wealth surges
China has surpassed the United States to become the richest nation in the world as global wealth tripled over the past two decades, according to a new report by the research arm of consultants McKinsey & Co.
The report has been prepared after examining the national balance sheets of 10 countries, representing more than 60 per cent of world income. In an interview with Bloomberg TV, Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said, “We are now wealthier than we have ever been.”
The worldwide net worth rose to $514 trillion in 2020, from $156 trillion in 2000, according to research conducted by McKinsey & Co. China emerged at the top of the worldwide list, accounting for almost one-third of the increase.
China’s wealth jumped to $120 trillion in 2020 from just $7 trillion in 2000. This marks a jump of $113 trillion in 20 years, helping the nation surpass the United States in terms of net worth.
During the same period, the US saw its net worth more than double to $90 trillion. However, the nation could not beat China due to muted increases in property prices.
RICHEST 10% DOMINATE
It is worth noting that in both the US and China, more than two-thirds of the wealth is held by the richest 10 per cent of households, and their share has been increasing, according to the McKinsey & Co report quoted by Bloomberg.
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