US lags behind as China becomes richest nation in the world


Beijing: China has become world’s richest nation as the global wealth tripled over the last two decades making China overtake the United States for the top spot, a report in Bloomberg revealed.
According to Bloomberg's report, China accounted for almost one-third of gains in global net worth over the past two decades.
A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income.
The report states that the world’s net worth rose to an unprecedented $514 trillion in 2020, from an earlier net worth of $156 trillion in 2000, with China taking the largest single share: nearly one-third of the world’s income. More than two-thirds of the wealth of the global wealth is possessed by 10% of the elite in the world, the report added.
As per a report in Bloomberg, 68% of the global net wealth can be attributed to real estate.
Nearly two decades ago, China spurred its economic progress after it joined the World Trade Organization.
The US saw its net wealth go up to over $90 trillion, however, with more muted increases in property prices.
In March, an economist predicted the U.S. will remain wealthier than China for the next 50 years or more — long after the Asian economy is expected to overtake the U.S. to become the world’s largest.
BLA suicide attack on Nushki-Dalbandin highway leaves 7 dead, many injured
- 2 hours ago

The man whose tweets helped kill DEI
- 9 hours ago

Four killed, three injured in separate terrorist attacks on police stations in KP
- 2 hours ago
New Zealand storms to nine-wicket win over Pakistan in first T20I
- 43 minutes ago

Pakistan wins Davis Cup Juniors 2025 title
- 19 hours ago

Woman dies after falling from Karachi building during drug raid
- an hour ago
Lashkar-i-Islam founder Mufti Munir Shakir killed, 3 others injured in Peshawar blast
- 18 hours ago
Security forces neutralise nine terrorists in separate IBOs in KP: ISPR
- 21 hours ago
33 killed, dozens injured as tornadoes hit Central US
- an hour ago
No change in prices of petroleum products
- 12 hours ago
Five killed as coaster plunges into ravine in Azad Kashmir
- 19 minutes ago
Fire at Kochani nightclub kills 51, injures over 100
- 2 hours ago