China world's richest country

China world's richest country

Beijing: In the global wealth index China has overtaken the US and attained the number one position in the world ranking.

China’s wealth tripled over the last two decades. Mckinsey & Co. examines the national balance sheets of ten countries representing more than 60% of world income.

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.

Both US and China, 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 stated.

McKinsey further complied that 68% 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.