Saturday, March 2, 2024

China surpassed US as the world’s richest country, according to a report

Over the last two decades, China’s economy has exploded, driving the world’s poorest country to become the richest, leaving its bitter foe, the United States, in the dust.

According to a survey by McKinsey & Co.’s research arm, China ranks first among the top ten countries that account for more than 60% of global GDP.

China has surpassed the United States as the world’s wealthiest country, owing to its nearly one-third share of global net wealth over the last two decades.

In an interview, Jan Mischke, a partner at the McKinsey Global Institute in Zurich, observed, “We are today wealthier than we have ever been.”

According to the analysis, worldwide net worth climbed from $156 trillion in 2000 to $514 trillion in 2020.

According to the report, China holds about a third of this net wealth. According to the research, the country’s wealth has increased from $7 trillion in 2000 to $120 trillion now.

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