China overtakes the US to become the richest country in the world

Bloomberg news agency cites the results of McKinsey & Co. research, published a few hours ago, according to which China is now the richest country in the world.

World wealth has tripled in the past 20 years, and China has led this growth, surpassing the U.S. and taking the first place in the prestigious ranking of the richest countries on the planet. This study analyzed the national balance sheets of ten countries that generate 60% of the world's income.

The global net worth increased to $514 trillion in 2020 from $156 trillion in 2000.

China accounts for almost a third of this huge growth. The Middle Kingdom's capital has risen to $120 trillion, up from $7 trillion in 2000, greatly boosting the country's economic strength. The U.S., despite doubling its own capital, has "only" $90 trillion. Thus, China is $30 trillion ahead of the US.

Statistics show that in both China and the U.S., 67% of the capital is owned by 10% of the population.

Source: abplive