Global Wealth Surges as China Overtakes U.S. to Grab Top Spot
Rich Miller, Bloomberg
via Yahoo Finance - November 14, 2021
(Bloomberg) -- Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.
That’s one of the takeaways from a new report by the research arm of consultants McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60% of world 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.
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.
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