China now richest nation in world, overtakes US: report

China has seen vast economic growth over the past couple of decades, propelling the world's largest nation to become the wealthiest country.,The US is now the second wealthiest state in the world.

 

A report by McKinsey & Co. has concluded that China is on top of the top 10 countries that account for more than 60% of world income. 


China has grabbed the top spot in the list of wealthiest nations in the world mostly as it gained almost one-third of the global net wealth during the past two decades.


The study said global net wealth increased to $514 trillion in 2020, from $156 trillion in 2000. 


China has almost secured a one-third share in this net wealth, the study noted. The country's wealth mushroomed to $120 trillion from $7 trillion in 2000, revealed the report. Nearly two decades ago, China spurred its economic progress after it joined the World Trade Organization.


More than two-thirds of the wealth of the global wealth is possessed by 10% of the elite in the world, as per the report. According to the report by McKinsey, 68% of the global net wealth can be attributed to real estate.