Economy

China overtakes US to become world’s richest nation as global wealth triples

China has gone past the US to become the richest nation in the world, according to a new research report. The report, authored by the research wing of McKinsey & Co, said that global wealth had tripled over the last two decades, from $156 trillion in the year 2000 to $514 trillion in 2020.

According to the data revealed, China has accounted for almost one-third of the staggering rise in global wealth. The wealth of the nation surged from $7 trillion in the year 2000 to $120 trillion in 2020. The data tracks the period from one year before the country became a member of the World Trade Organisation (WTO), which speeded up the rise of its economy.

The report analysed the national balance sheets of 10 countries, which accounted for over 60 percent of the world’s income. Apart from China and US, the countries in the report included Germany, France, UK, Japan, Sweden, Mexico, Canada and Australia.

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