Global wealth surges as China overtakes US to grab top spot:
Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.
The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.
68% 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.
Source: report by the research arm of consultants McKinsey & Co
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