China has surpassed the United States to become the richest nation in the world as global wealth tripled over the past two decades, according to a new report by the research arm of consultants McKinsey & Co.
The worldwide net worth rose to $514 trillion in 2020, from $156 trillion in 2000, according to research conducted by McKinsey & Co. China emerged at the top of the worldwide list, accounting for almost one-third of the increase.
China’s wealth jumped to $120 trillion in 2020 from just $7 trillion in 2000. This marks a jump of $113 trillion in 20 years, helping the nation surpass the United States in terms of net worth.
During the same period, the US saw its net worth more than double to $90 trillion. However, the nation could not beat China due to muted increases in property prices.
Surjitt Sahani
