November 16, 2021
1 min read

China pips US to become world’s richest

A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world’s income….reports Asian Lite News

 Global wealth tripled over the last two decades, with China leading the way and overtaking the US for the top spot worldwide, Bloomberg reported.

A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world’s income.

China accounted for almost one-third of gains in global net worth over the past two decades, the report said.

“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.

ALSO READ: China abuses Interpol to muffle dissent

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 report said.

The US, held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.

US, China Rivalry Casts Shadows Over Asia

In both countries — the world’s biggest economies — more than two-thirds of the wealth is held by the richest 10 per cent of households, and their share has been increasing, the report said.

As computed by McKinsey, 68 per cent of global net worth is stored in real estate.

The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents, it added.

ALSO READ: China’s new boundary law targets India

Previous Story

Terrorists looking for new infiltration routes to J&K

Next Story

China’s nominee to Interpol role faces global criticism

Latest from -Top News

US flag returns to Damascus

Billions in energy deals and lifted sanctions mark Syria’s reintegration, as US reopens embassy and declares the war-torn nation “open for business” under new regional partnerships. The United States has reopened its

UAE, France eye energy synergy

UAE officials conclude strategic visit to France, exploring hydrogen, nuclear, and SAF cooperation to strengthen bilateral energy ties and accelerate the global transition to clean power. A high-level delegation from the United

Turkey’s Jet Roars, West Watches

It is visible that Turkey is intentionally reducing reliance on U.S. and Western military imports, especially F-16s and the failed F-35 partnership, to achieve strategic independence….writes Ankit V In 2016, Ankara announced

‘Op Sindoor’ Team Wraps Up Saudi Visit

The visit reaffirmed the shared commitment of India and Saudi Arabia in the fight against terrorism….reports Asian Lite News Riyadh, May 30 (IANS) The Indian all-party delegation, led by BJP MP Baijayant

Visa Interview Pause Nearing End, Says US

India is the source country for the largest group of international students in the US and Bruce’s comments will be closely followed there….reports Asian Lite News The United States said the pause
Go toTop

Don't Miss

Ukraine capable of retaking Kherson, says Austin

Ukraine said it was still fighting in the area and

Chinese developer defaults, deals new blow to ailing real estate

It is the first missed debt repayment on a dollar