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China Overtakes US as Global Wealth Hits $514tn

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A new report has shown that global wealth tripled in the last two decades –from $156 trillion in 2000 to $514 trillion in 2020, with China outpacing the United States of America for the number one spot.

The report conducted by the research arm of globally renowned management consulting firm, McKinsey & Co, examined the national balance sheets of 10 countries representing over 60 per cent of world income.

They include Australia, Canada, China, France, Germany, Japan, Mexico, Sweden, United Kingdom and the United States.

The study, which revealed that the world is now wealthier than ever, stated that net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000.

China, the report said, accounted for almost one-third of the increase.

China’s wealth skyrocketed to $120 trillion from just $7 trillion in 2000, the year before it joined the World Trade Organisation (WTO). Continue Reading

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