Guwahati News Desk: Overtaking US, China becomes the world’s richest nation.
As per the report released by the research wing of McKinsey & Co., China’s global wealth had tripled over the last two decades, from $156 trillion in the year 2000 to $514 trillion in 2020.
According to the data revealed, China has accounted for almost one-third of the staggering rise in global wealth.
In addition, the wealth of the nation rose immensely from $7 trillion in the year 2000 to $120 trillion in 2020. The data tracks the period from one year before the country became a member of the World Trade Organisation (WTO), which speeded up the rise of its economy.
Regarding the US, the net worth of the country increased to almost $90 trillion in two decades.
Moreover, both US and China are the two biggest global economies, where more than two-thirds of the wealth is concentrated in just 10 percent of the richest households, and about 68 percent of the global net worth is stored in real estate.