China Now Leads US In Race To Grab Top Slot During The Current Global Wealth Surge

  • Global wealth tripled in the last two decades, and China is now leading the way, overtaking the U.S. for the top spot worldwide.
  • “We are now wealthier than we have ever been,” a partner at the McKinsey Global Institute in Zurich said during an interview about the national balance sheets of ten countries representing more than 60% of world income.
  • The two-thirds share of all the wealth in the two most affluent countries on the planet, owned by the top 10 percent, has been steadily growing for decades.

Rich Miller from Yahoo! Finance writes:

“(Bloomberg) — Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

Most Read from Bloomberg

That’s one of the takeaways from a new report by the research arm of consultants McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60% of world income.

“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. 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.

Richest 10%

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

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

See full story here.



Categories: Business, Government, International, Labor

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