Global Wealth Surges as China Overtakes U.S. to Grab Top Spot

[Stranagor]

I like this part. Can you find any Chinese homeless community?

Also what is the baseline income for a decent living in USA?
Rental = $$?
Electricity, water & gas = $$?
Food = $$?
Household expenses = $$?
Transportation = $$?
Taxation = $$?

750.000 Americans will no longer suffer. Thanks to US democracy.

More innovative? With your average IQ = 95 for white and =85 for black? With poor quality of US education?

what kind of logic do you believe? Lazy, poorly disciplined and low IQ people can never be innovative, in the true sense of this word (OK, they maybe innovative in some sense, like "inventing" new sex positions), Do not be delusional and stop dreaming like the Indians?

Even iPhone and Tesla cars are made mostly with Chinese (and East Asian) technologies and Chinese quality, with minimum American tech input (software???).

The true innovation and technological inventions nowadays in the US seems to be made mostly by people of 1. East Asian descent 2. Jews. They are minorities in the US and certainly not the average Americans, who are more likely to do partying, dancing, mating, shooting, killing, .... rather than working in lab.

I have great respect toward the US in the past, when people were highly intelligent, disciplined and hard working. But liberals have made the US like it is today..

They innovate things like 'too big to fall.'

 

[beijingwalker]

China Is Now World's Richest Nation, Ahead Of US
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
World(c) 2021 BloombergRich Miller, BloombergUpdated: November 16, 2021 10:05 am IST


Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

That's one of the takeaways from a new report by the research arm of consultants McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60% of world income.


"We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.

Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.

Richest 10%

The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.

In both countries -- the world's biggest economies -- more than two-thirds of the wealth is held by the richest 10% of households, and their share has been increasing, the report said.

As computed by 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.

Financial assets are not counted in the global wealth calculations because they are effectively offset by liabilities: A corporate bond held by an individual investor, for instance, represents an I.O.U. by that company.

https://www.ndtv.com/world-news/china-is-now-worlds-richest-nation-ahead-of-us-2612496

 

[Muhammed45]

Game over USA.

The tyrant evil kingdom of our world is coming to its knees against the Chinese.

In this part of the world its time to end the apartheid Zionist regime.

USA is badly fked up. @Hamartia Antidote Mr damage controller, we would be glad to know what you have to say this time around?

 

[Bilal9]

Credit Suisse has Chinese national wealth at $75T and US national wealth at $126T at the end of 2020. Per the US Federal Reserve, US national wealth grew to $142T at the end of June 2021.

It’s impossible that Chinese national wealth has exceeded the US at this point. Regardless, China has 4x the population of the United States. The average American is far more innovative and productive than the average Chinese.

I live in the West Coast and I'd beg to differ. The West Coast states of the US are more dependent on China for investments (in all areas) , technology, automation, everything. It doesn't matter if China has 4 times the people. The Upper middle and middle classes in China just have to be wealthier than the average American, that's all. And they've already got the smarts well-covered.

West Coast is already more Pan-Asian cosmopolitan than the rest of the US, which is a harbinger of the future. US needs a bridge with China to share in the wealth rather than act dejected like an ex.

 

[Kaleem.61]

China is focusing on business rather than war and destruction like US.

China is behaving like a businessman who don't cares about a goon barking in the street instead planning to develop more.

Long ago I read China is having control over the US dollar!

 

[Dungeness]

Living on both sides of the "pond", what I have observed is "China Builds, US Bombs".

 

[beijingwalker]

Western media tries to hammer the notion into everyone's mind that China does everything wrong 24/7 non stop, but they fail to explain why China can develop this fast all across the board since China is doing everything wrong.

While, of course, the blue eyed boy of the west, India, is doing everything right.

 

[Globenim]

These speculative numbers are meaningless if they dont produce material gains

 

[Muhammed45]

China overtakes US in global wealth race

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.

www.rt.com

 

[retaxis]

Fall of Afghanistan is the trigger towards the fall of American empire

 

[Muhammed45]

Fall of Afghanistan is the trigger towards the fall of American empire

Maybe one piece of the Domino but not the main cause. USA is losing its hegemony after failing to replace Afghanistan with Syraq.

These Anglo leeches have been sucking Afghan blood for years now, they had to leave after shortages in their oil reserves. According to American analysts USA has no other way around except stealing oil of Middle eastern countries in order to catch up with unstoppable Growing China.

They brought Trump in to Advance their plans in Syraq but he failed due to Iranian role, Biden wants to shift towards East of Asia without winning Middle East. Americans are Simply fked up already.

China will move on and Americans will keep barking.

 

[OIO]

Even if China's economy was double that of the US the average income of the US citizen is still x4 that of the average Chinese citizen.

US strength lies in its large innovation capacity, cultural influence, intelligence, technology, and lastly its allies. China's only allies are Pakistan. No other country would back China in a war. NK+ Russia have their own benefits.

US has Canada, UK, Australia, Japan, + Most of NATO that will 1000% always stand with the US and even share intelligence. That alone increases its military/intelligence capacity many folds. China alone lacks significantly in such reach/intelligence.

I am not saying that China is not a super power. China will for sure in our lifetime surpass the US in nominal GDP and even come double US economy in our lifetime and its military may even reach the size of america's (but will still be disabled by lack of allies). My point is that raw GDP numbers alone are very misleading. When you take into consideration the suffering of the average chinese vs average american the difference is many fold.

Once the United States loses its protagonist halo, the U.S. economy will decline rapidly.

As for the alliance system, China did not want to do this rather than fail to do so. It is a better choice for China to build a broad friendly relationship based on mutual respect, mutual benefit and reciprocity.

Finally, I want to explain that China is not the reason for the decline of the United States. China still wants to get along with the United States. But the premise is that the United States cannot harm China's fundamental interests.

 

[beijingwalker]

Global wealth more than triples as China beats U.S. in net worth

 

[mmr]

Credit Suisse has Chinese national wealth at $75T and US national wealth at $126T at the end of 2020. Per the US Federal Reserve, US national wealth grew to $142T at the end of June 2021.

It’s impossible that Chinese national wealth has exceeded the US at this point. Regardless, China has 4x the population of the United States. The average American is far more innovative and productive than the average Chinese.

US real estate price didnt go up much in last 20 years. So i dont think you are correct. in china real estate price went up lot in last 2 decades.

 

[F-22Raptor]

More innovative? With your average IQ = 95 for white and =85 for black? With poor quality of US education?

what kind of logic do you believe? Lazy, poorly disciplined and low IQ people can never be innovative, in the true sense of this word (OK, they maybe innovative in some sense, like "inventing" new sex positions), Do not be delusional and stop dreaming like the Indians.

Even iPhone and Tesla cars are made mostly with Chinese (and East Asian) technologies and Chinese quality, with minimum American tech input (software???).

The true innovation and technological inventions nowadays in the US seems to be made mostly by people of 1. East Asian descent 2. Jews. They are minorities in the US and certainly not the average Americans, who are more likely to do partying, dancing, mating, shooting, killing, .... rather than working in lab.

I have great respect toward the US in the past, when people were highly intelligent, disciplined and hard working. But liberals have made the US like it is today..

Yes more innovative, history has proven that.

The whole world revolves around American innovation and products. Name an industry or product that China has produced that has changed the world?

Computing? US
Software? US
Smartphone? US
Space? US
EVs? US


The US has produced over 300 Nobel Prize winners in the Sciences. How about China?

The world revolves around the US, you just don’t realize it because it’s embedded in your everyday life.