China overtakes US to become world’s richest country: report
Beijing's share in the world wealth is $120 trillion.
China has become the richest country in the world, leaving the US, its bitter rival, behind.
During the last two decades, the world’s wealth has increased threefold.
China has taken the first position in the field of wealth accumulation leaving America behind after the growth of business, progress in economy and increase in foreign reserves.
Also Read:
10 Pakistani firms get Egypt’s approval for meat export
Deadlock continues between IMF and govt over Fund’s five conditions
The research arm of consultants McKinsey & Co. reported that only 10 countries’ national assets are more than 60 per cent of the world’s income.
According to research, the total value of the currency has reached $514 trillion worldwide in 2020, which was $156 trillion in 2000.
The prices of properties increased in America and its total assets were $90 trillion, the report said.
China’s share in the world wealth is $120 trillion while 20 years ago Beijing’s wealth was only $7 trillion.
The report also states that 68 per cent of world wealth is linked with the real estate business.
Japan and Mexico’s total wealth has recorded an increase of $3 trillion each, Germany and France’s $14 trillion each while Britain, Canada and Australia’s $7 trillion each over the last 20 years, the report added.
