China is now leading the way with a global wealth that has surpassed the United States. The country's global wealth tripled over the last two decades.
"We are now wealthier than we have ever been," said Jan Mischke, a partner at the McKinsey Global Institute in Zurich in an interview.
The net worth worldwide rose to $514 trillion in 2020, from $156 million in 2000 and China accounted for almost one-third of the increase. The country's wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organisation.
The research arm of consultants working in McKinsey & Co. analyzed the balance sheets of ten different countries that, combined, comprise 60% of the world’s total income.
The U.S., meanwhile, has experienced muted increases in property prices, but nearly doubled its net worth over the same period, to $90 trillion. China and the U.S. are the largest economies in the world.
As computed by McKinsey, 68 per cent of global net worth is stored in real estate. The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents.