China overtakes US as world’s richest nation as global wealth surges

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China overtakes US as world’s richest nation as global wealth surges

The worldwide net worth rose to $514 trillion in 2020, from $156 trillion in 2000, according to research conducted by McKinsey & Co. China emerged at the top of the worldwide list, accounting for almost one-third of the increase.

China’s wealth jumped to $120 trillion in 2020 from just $7 trillion in 2000. This marks a jump of $113 trillion in 20 years, helping the nation surpass the United States in terms of net worth.

During the same period, the US saw its net worth more than double to $90 trillion. However, the nation could not beat China due to muted increases in property prices.

RICHEST 10% DOMINATE
It is worth noting that in both the US and China, more than two-thirds of the wealth is held by the richest 10 per cent of households, and their share has been increasing, according to the McKinsey & Co report quoted by Bloomberg.

The report also indicated that 68 per cent of global net worth is stored in real estate and the balance is held in assets such as infrastructure, machinery and equipment. Intangible assets like intellectual property and patents also make up a small amount of global net worth.​


 
Whenever any real estate is included in the net worth, it is distorted. The housing is very expensive in China and Hong Kong. Chinese people do not feel they are rich since they need the residence to live. Real estate market there is in decline.
 
Before JSOP and Co. decide to come in and rant about this news, I would like to simply state that what China has accomplished in less than 30 years is an incredible achievement in the history of humanity.
The article also brings up an interesting point that, interventionist system or not, 2/3 of both countries wealth is owned by 10% of the population, a rather depressing reality. While I don't have the data, I suspect that is the case for all countries in the world, give or take a couple %. While I don't believe it's the case in China, the difference is that in some countries, the 10%ers are anointed while in others they're the result of achievement, and that's not a trivial difference. But, that dictatorship or democracy leads to the same result is disturbing because in some way it means that conflicts and wars are fought to determine the fate of 10% of the world’s population while the remaining 90% is the means for the 10% to be where they are, yet the 90% are also the victims and fighting fodder of those conflicts and wars. (On the subjet I recommend the Netflix series from Brazil called "3%")
That China surpasses the US as the world's wealthiest nation shouldn't surprise anyone. With 4x the US population they were going to sooner or later. Anyone familiar with Chinese mentality and work ethics would have seen this one coming 20 years ago when the country opened up.
Some see this as a threat, as if the US was meant to always be the richest nation. It shouldn't be, and those contemplating going to war over this (the fringe right of Bannon and Co.) are mad, or heavily invested in the military industrial complex.
Reality is that China is going to assert itself and not feel bound by international laws anymore than the US does. See China's swift action on Hong Kong.
Will Taiwan be next? And if China invades, what will the rest of the world do?
 
VicBee said:
Before JSOP and Co. decide to come in and rant about this news, I would like to simply state that what China has accomplished in less than 30 years is an incredible achievement in the history of humanity.
More...
Before i finish to read the post, i would like to name few honorable ones as well :

* 10 million forced abortions in Tibet
* Active concentration camps with 3Mil people atm
* Unprecedented scale of IT theft
* Global expansion by bribes and blackmail
* Global expansion with loans that most likely will never be paid
* Removing billionaires by assasination

And ofcourse, my favorite - rice made of plastic

Now i will read the remaining part of your post.
 
Nobert said:
Before i finish to read the post, i would like to name few honorable ones as well :

* 10 million forced abortions in Tibet
* Active concentration camps with 3Mil people atm
* Unprecedented scale of IT theft
* Global expansion by bribes and blackmail
* Global expansion with loans that most likely will never be paid
* Removing billionaires by assasination

And ofcourse, my favorite - rice made of plastic

Now i will read the remaining part of your post.
More...

I don't recall any country, in Europe of the US of A, achieving their power in their time without horrendous cost to others, from wars against each other, to slavery, colonialism, etc.

This said, China's abhorrent policies ought to be voiced and the international community must hold China accountable. Wouldn't it be interesting in China and the global community held America accountable for the treatment of African Americans from slavery to date, or Japanese Americans in internment camps, or US direct involvement in other countries elections and participation in death squads, or US spying on its allies, or US refusal to abide by international laws. Shit flies all ways; we just don't smell ours.
 
VicBee said:
I don't recall any country, in Europe of the US of A, achieving their power in their time without horrendous cost to others, from wars against each other, to slavery, colonialism, etc.

This said, China's abhorrent policies ought to be voiced and the international community must hold China accountable. Wouldn't it be interesting in China and the global community held America accountable for the treatment of African Americans from slavery to date, or Japanese Americans in internment camps, or US direct involvement in other countries elections and participation in death squads, or US spying on its allies, or US refusal to abide by international laws. Shit flies all ways; we just don't smell ours.
More...


a lot of sad/bad things happened in this world

- how did Tibet end up as part of China?
- US bombing of Iraq (and where is Iraq WMD ?!?!?)
- yellow rain in Vietnam by the US
- Europeans selling Africans as slaves in America
- rape of Nanjing by the Japanese
- France nuclear bombed the Pacific
- Indonesians massacred by the Dutch
- Indians massacred by the British
- Indigenous Canadian children died in church-run boarding schools
- Khmer Rouge killing fields
- massacre in America by the Spanish

etc etc
 
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