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It’s official: China is now the richest country in the world

China has just overtaken the United States in the ranking of the richest countries on the planet, according to a report, now settling in first place.

China has just overtaken the United States in the ranking of the richest countries on the planet, according to a report, now settling in first place. The country’s value would have increased from $ 7 trillion in 2000 to over $ 120 trillion in 2020.

China goes ahead

The world has gotten much richer over the past two decades (net worth has tripled), but the distribution of wealth has shifted. Long behind the United States, China has just overtaken its main rival as the richest nation in the world. These are the two main lessons of a new report from the research arm of McKinsey & Co consultants, relayed by Bloomberg . For this work, the experts examined the national balance sheets of ten countries representing more than 60% of world income.

In detail, global net worth has grown from $ 156 trillion in 2000 to $ 514 trillion in 2020 , according to the report. China accounted for nearly a third of this development. The country’s wealth would thus have climbed from $ 7 trillion in 2000 to $ 120 trillion in 2020 . Its membership in the World Trade Organization in 2001 would obviously have accelerated this meteoric economic rise.

The United States, for its part, saw its net worth more than double over the period to reach $ 90 trillion in 2020. It should also be noted that in both the United States and China, more than two-thirds of wealth are owned by the richest 10% of households, and their share continues to increase.

According to the report, around 68% of that global net worth is stored in real estate. This sector includes machinery, infrastructure and equipment.

China widens the innovation gap

It should also be recalled that in 2019, China had overtaken the United States in the field of international patents with a thousand filings in advance. However, these applications filed through the WIPO Patent Cooperation Treaty (PCT) are one of the key indicators for measuring the various activities related to innovation.

In 2020, the Middle Kingdom retained its first place with 68,720 patents filed (+ 16% compared to 2019), ahead of the United States with its 59,230 filings (+ 3%). In other words, China remains in the lead, but also widens the gap on its direct competitor. Next come Japan, South Korea and Germany. 

Par Jules Bercy

A writer a blogger passionate about science, history politics, the general knowledge of our planet and the Universe...

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