China is now the richest country in the world, surpassing the United States. This information has come up in a new research report.
The research was conducted by the research arm of the management consulting firm McKinsey & Company. The research report was published on the website of McKinsey & Company on Monday.
The company compiled a list of the 10 richest countries in the world by analyzing their national balance sheets, or income-expenditure accounts, which account for more than 70 percent of global income.
According to research reports, the world’s wealth has tripled in the last two decades. And China has led the way in growing global wealth. With this, China has overtaken the United States as the richest country in the world.
According to the research report, the value of the world’s net worth in 2000 was 156 trillion US dollars. In 2020, it increased to 514 trillion US dollars. In other words, the world’s wealth has increased almost three times during this time.
According to research reports, China accounts for about one-third of the world’s wealth that has grown over the past two decades.
In 2000, China’s wealth was seven trillion US dollars. In 2020, this amount will increase to 120 trillion US dollars.
China’s main rival in the world economy is the United States. The value of US net assets has more than doubled in the last two decades. That’s up from 90 trillion.
According to a research report, 10 percent of the richest people in China and the United States, the world’s two largest economies, have more than two-thirds of the wealth in their hands. The wealth of these rich people is increasing day by day.