Beijing, November 16th : , The global wealth has tripled in the past 20 years, with China leading and surpassing the US to claim the number one spot, 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.McKinsey & Co.has released a report that analyzes the national accounts of ten countries accounting for more than 60% of world income.
China accounted for almost one-third of gains in global net worth over the past two decades, the report said.
The report stated that China was responsible for nearly one third of global net worth gains over the last two decades.
“We are now wealthier than we have ever been,” Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.
Jan Mischke (a partner in the McKinsey Global Institute, Zurich) said that “We are now richer than ever” in an interview.
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
According to the study, net worth in 2020 rose from $156 trillion to $514 trillion to $156 trillion to 2000 to reach $514 trillion.
China accounted for almost one-third of the increase.
China was responsible for nearly one third of the growth.
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 report stated that the country’s wealth soared to $120 trillion, from $7 trillion just in 2000.This was the year it joined the World Trade Organization.
Its economic rise is accelerating.
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 net worth increased more than twice to $90 trillion, despite slower increases in real estate prices.
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.
The report stated that in both countries, which are the largest economies on the planet, more than two thirds of wealth was held by the top ten percent of wealth households.Their share is increasing.
As computed by McKinsey, 68 per cent of global net worth is stored in real estate.McKinsey estimates that 68% of the world’s net worth is held 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.It holds the balance in infrastructure, machine and equipment, and in a lesser degree, in so-called immaterials such as intellectual property or patents.
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