China Overtakes US As Richest Country Globally

China overtook the US for the top spot worldwide and global wealth tripled over the last two decades,

A report by McKinsey & Co. examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, Bloomberg reported.

"We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.

Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. 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.