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Global Wealth Surge: China Overtakes U.S. to Become World’s Richest Nation

Global Wealth Surg: China Overtakes U.S. to Become World's Richest Nation
Global Wealth Surg: China Overtakes U.S. to Become World's Richest Nation

There has been a significant leap in the global net worth of China over the past two decades. According to a report released by Bloomberg Wealth on November 15, the global wealth of China has tripled across the span of the past 20 years. China is one of the leading providers of employment in the world. The top spot was previously held by the U.S. Bloomberg Wealth mentions that a team of researchers headed by McKinsey evaluated the growth in global wealth of the leading countries. They were surprised by China’s unrealistic progress.

Real Estate Is The Major Contributor To The Global Wealth

The report further mentioned that a partner at the McKinsey Global Institute was ecstatic and said that China possesses more wealth than ever before. The increase in the global wealth of the world stood at $514 trillion last year. The Global wealth of China now stands at $120 trillion, which is a massive jump from the previous $7 trillion.

Us now holds the second position after China list of countries with the most Global wealth. The Global wealth of the USA is $19 trillion. U.S and China are two of the world’s leading economies and Institute some of the world’s largest and wealthiest housings. The report of Bloomberg Wealth also mentions that more than two-thirds of the Global wealth is related to real estate. Other factors such as technology and infrastructure contribute much less to global wealth. In addition to these, many other areas contribute marginally to overall global wealth.

The Rise Has Negative Impacts On People

The enormous increase in China’s global net worth has a fair share of side effects. It has suppressed the production of daily-use products. The prices of domestic goods have skyrocketed, with more than a 50 percent increase in their average values. The unexpected rise in the price of everyday use products has nullified the increase in income levels. In addition to problems in domestic usage, the household sectors are also severely impacted. Hike in the real estate prices has made life difficult for ordinary men, as the mere idea of buying a house drives a hole in their pocket.

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