Sweet China: The richest country in the world, surpassing the US China wealth

by time news

China has become the richest country in the world. China has outgrown the US. In 2000, China’s assets were worth $ 7 trillion. Last year, it reached $ 120 trillion. China owns about a third of the world’s assets, according to McKinsey & Co., a global research firm based in Zurich.

Global assets have tripled in the last 20 years. It was $ 156 trillion in 2000 and reached $ 514 trillion in 2020. China’s leap forward began with its accession to the World Trade Organization. Joined in 1999. The study is based on 10 countries that share 60% of world income: China, US, Germany, France, UK, Japan, Sweden, Mexico, Canada and Australia.

In 20 years, US assets have grown to $ 90 trillion. 68% of global assets are invested in real estate. In second place is the infrastructure development sector. The surge in property prices in the real estate sector has led to such an increase in assets. The fall in interest rates is another factor. In the US and China, 10% of total assets are held by the super-rich.

At the same time, the report warns that the real estate-focused investment approach could push such countries into a financial crisis in the future. An example of this is the economic downturn in the US in the real estate sector in 2008. The report also suggests that countries should prioritize investing more in productive sectors. It is estimated that 33 per cent of global assets will be lost if the real estate sector suffers a setback.

Second place among the super rich

There are a total of 626 super rich in China. Second in the world. Last year it was 388. There are 724 in the top-ranked US. China has benefited from the rise in the stock market and its rapid survival of the Kovid epidemic. The 2755 richest people in the world have a net worth of $ 13.1 trillion.

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