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.