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Global wealth has tripled over the last two decades with China leading the way. The U.S. has lost its title as the richest country in the world.
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the McKinsey And Company's latest report. 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.
The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.
In both countries -- the world’s biggest economies -- more than two-thirds of the wealth is held by the richest 10% of households, and their share has been increasing, the report said.
REPORTS
The rise and rise of the global balance sheet: How productively are we using our wealth? (McKinsey Global Institute) PDF
LINKS
China Is Now The Richest Country On Earth (IFL Science, 11-17-21)
Global Wealth Surges as China Overtakes U.S. to Grab Top Spot (Bloomberg, 11-14-21)
It's Official. China Has Overtaken the US as the Richest Nation on Earth (Interesting Engineering, 11-15-21)