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China has overtaken the US as the nation which has amassed the biggest net worth as global wealth surges, a fresh report by McKinsey & Co suggests.
China’s wealth skyrocketed over the past two decades, the consulting company said according to Bloomberg, explaining that its net worth increased by a whopping 17 times from $7 trillion in 2000 to $120 trillion in 2020.
The nation accounted for about one third of the global net worth increase over that period. In 2000, China joined the World Trade Organization, which sped up its economic ascent.
The US saw its wealth double over the same time period. Washington had to give way to Beijing on the list of top 10 wealthiest nations since its net worth only amounted to $90 trillion in 2020, McKinsey says.
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