1 November, Kathmandu. Neighboring China has overtaken the United States to become the richest country in the world.
China’s wealth has grown rapidly over the past 20 years. But US wealth does not appear to be growing at the same rate.
According to a recent report by consultancy firm McKinsey & Co., total worldwide assets have tripled in the last two decades.
The report was prepared after examining the balance sheets of 10 countries with 60 percent of the world’s income. China accounts for one-third, or 33 percent, of the world’s wealth, which has grown over a 20-year period. In that sense, China’s total wealth has increased 16-fold in the same period.
According to the report, the total wealth of the world in 2000 was about 156 trillion dollars. But by 2020, the world’s total wealth will have reached १ 514 trillion. China accounted for one-third of the total wealth increased during the period.
By the time it became a member of the World Trade Organization in 2000, China had a net worth of ७ 7 trillion. By 2020, its total wealth will have reached ट 120 trillion. This means that in 20 years, China’s total wealth has increased by 113 trillion.
In the last 20 years, the wealth of the United States has decreased and doubled compared to that of China. The total wealth of the United States is estimated at ९ 90 trillion by 2020. According to the report, the United States has lost its first place due to lack of increase in property prices and China has become the richest country in the world.
China and the United States are the world’s largest economies. More than two-thirds of the wealth of the two countries is held by the richest 10 percent, and their share continues to grow, according to a Bloomberg quote from McKinsey & Company.
According to the news, 68 percent of the world’s assets have been invested in real estate. The remaining assets are in infrastructure, machinery, equipment, intellectual property and patents.