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

Taipei Gets Tough on Beijing

The new move marks one of the most comprehensive efforts in recent years to strengthen Taiwan’s legal defences against Beijing’s covert attempts…reports Asian Lite News Taiwanese lawmakers from both the ruling and

Pakistan Warns Afghanistan War

Pakistan’s Defence Minister Khawaja Asif warned that Islamabad could enter an “open war” with Kabul if peace talks in Istanbul fail to ease rising Afghan border tensions…reports Asian Lite News Pakistan’s Defence

UN Signs Landmark Cybercrime Treaty

Malaysia’s foreign minister warned ASEAN is losing neutrality amid rising global power competition, ahead of the bloc’s annual summit….reports Asian Lite News Sixty-five nations have signed a landmark United Nations convention in

Malaysia Warns ASEAN Neutrality Eroding

Malaysia’s foreign minister warned ASEAN is losing neutrality amid rising global power competition, ahead of the bloc’s annual summit….reports Asian Lite News  Malaysia’s foreign minister has warned Southeast Asian counterparts that the

Trump Treads Carefully on Taiwan

Trump confirmed that Taiwan would be among the topics likely to come up during his discussions with Xi…reports Asian Lite News As US President Donald Trump began his five-day tour of Asia
Go toTop

Don't Miss

Mumbai terror attack suspect Tahawwur Rana, to remain in US

Tahawwur Rana, a Pakistani-born Canadian, is wanted by Indian authorities

Shehbaz-Khar discussion on ties with US leaked

The record of the discussion on crucial foreign policy, which