China becomes world's richest country: overtakes America; China's wealth increased 16 times in 20 years, 3 times the world's wealth

Posted on 16th Nov 2021 by rohit kumar

China has become the richest country, overtaking America, which is considered the world's superpower. According to a report by the research branch of management consultant McKinsey & Company, which tracks the balance sheets of countries around the world, the world's wealth has increased three times in the last 20 years. But China's share in this increase is about one-third, that is, about 33%, that is, China's wealth has increased by about 16 times.

 

According to the report, in the year 2000, the total wealth of the world was $ 156 trillion, which increased to $ 514 trillion after 2 decades i.e. after the year 2020. At the same time, the total wealth of China was $ 7 trillion in 2000, which has increased rapidly to $ 120 trillion in the year 2020.

 

America's wealth doubled

America's wealth has more than doubled in the past 20 years. In the year 2020, US wealth has reached 90 trillion dollars. The report says that due to not much increase in property prices here, American's wealth remained less than China and it lost its number one position.

 

A large part of the wealth of China and America is limited to a few people

It has been said in the report that a large part of the wealth of China and America is confined to a few wealthy people. According to the report, 10% of the population has the highest wealth in these two countries. It has also been mentioned in the report that the number of rich is increasing rapidly in these countries, due to which there is a big gap between rich and poor countries.

 

68% of the total assets in the form of immovable property

The report noted that 68% of the total global wealth exists in the form of real estate, while the rest includes things like infrastructure, machinery, and equipment.

 

China's net worth is more than 8 times that of India

According to the Global Wealth Report of Credit Suisse, India's net worth stood at $12.6 trillion in October 2019. Which is less than 8 times China's net worth of $120 trillion. However, information about India's net worth has not been given since 2019.

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