Beijing: China overtaking the US as the richest country in the world as China’s global wealth tripled over the last two decades. According to the Bloomberg report China accounted for almost one-third of gains in global net worth over the past two decades.

According to the McKinsey & Co. report, examines the national balance sheets of ten countries more than 60% income of the worldwide. Net worth worldwide rose to $514 trillion in 2020 from $156 trillion in 2000, according to the study.

Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the WTO, speeding its economic ascent. According to McKinsey, 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, it added.