China Surpasses America to become the World’s Richest Country

Till now America was at the fore in terms of wealth, but now China has snatched this tag from America. Yes, in terms of wealth China became richest country in the world. China has overtaken the US to increase its wealth within two decades to the top position.

Global Wealth Tripled In Two Decades

• Global wealth has tripled in the past two decades, with China leading the way.
• China has overtaken the US (US) to occupy the top position worldwide.
• According to the report released in this regard, China has about a third of the total wealth of the world.

Strong Growth In China’s Economic Growth

• Its assets were only $ 7 trillion in the year 2000, a year before joining the WTO, which has now increased to $ 120 trillion.
• According to the report, China’s economic growth has steadily accelerated.
• China accounts for one-third of the world’s wealth in a span of 20 years.

Revealed In The Report Focused On 10 Countries

• This has been revealed in a report by the research arm of management consultant McKinsey & Company, which tracks the balance sheets of 10 countries responsible for 60 percent of the world’s income.
• Indeed, management consultant McKinsey examines the national balance sheets of ten countries representing more than 60 percent of world income. 
• The total wealth worldwide has increased from $156 trillion in 2000 to $514 trillion in the year 2020, the report said.

This Was The Reason For America Coming Down

• There has also been a tremendous increase in the wealth of America. US wealth has more than doubled in the past 20 years. US wealth in the year 2000 was $90 trillion.
• The report says that due to not much increase in property prices here, American assets were less than China.
• This is the reason that America slipped from the number one position and this title has now gone to China.

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