The US no longer World's Richest Country

mzeiya

mzeiya

Elder Lister
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China overtakes US to become world's richest nation as global wealth triples in last two decades
According to the report, authored by the research wing of McKinsey & Co, China has accounted for almost one-third of the staggering rise in global wealth

China has gone past the US to become the richest nation in the world, according to a new research report. The report, authored by the research wing of McKinsey & Co, said that global wealth had tripled over the last two decades, from $156 trillion in the year 2000 to $514 trillion in 2020.
According to the data revealed, China has accounted for almost one-third of the staggering rise in global wealth. The wealth of the nation surged from $7 trillion in the year 2000 to $120 trillion in 2020. The data tracks the period from one year before the country became a member of the World Trade Organisation (WTO), which speeded up the rise of its economy.

The report analysed the national balance sheets of 10 countries, which accounted for over 60 percent of the world's income. Apart from China and US, the countries in the report included Germany, France, UK, Japan, Sweden, Mexico, Canada and Australia.

As for the US, the net worth of the country increased to almost $90 trillion in two decades. In both US and China, the two biggest global economies, more than two-thirds of the wealth is concentrated in just 10 percent of the richest households. About 68 percent of the global net worth is stored in real estate, as per the report.

The surge in net worth has been led in part by rising property prices, making the net worth outstrip the rise in global gross domestic product. The rise in real-state prices can increase the risk of a financial crisis, like the one that occurred in 2008 after the US housing bubble burst.

As per news reports, the debt of Chinese property developers such as the Evergrande Group can lead the country into a similar crisis.

What is the Evergrande Group crisis?
The Evergrande Group has recently been struggling with over $300 billion in liabilities. The company, which is the most indebted of China’s private homebuilders, has ignited fears worldwide of a global financial crisis.
Recently, another Chinese real estate company, Fantasia Holdings, failed to repay a loan worth $205.7 million, according to news reports.

Updated Date:November 16, 2021 19:35:54 IST
Source: https://www.firstpost.com/
 
mzeiya said:
View attachment 47883
China overtakes US to become world's richest nation as global wealth triples in last two decades
According to the report, authored by the research wing of McKinsey & Co, China has accounted for almost one-third of the staggering rise in global wealth

China has gone past the US to become the richest nation in the world, according to a new research report. The report, authored by the research wing of McKinsey & Co, said that global wealth had tripled over the last two decades, from $156 trillion in the year 2000 to $514 trillion in 2020.
According to the data revealed, China has accounted for almost one-third of the staggering rise in global wealth. The wealth of the nation surged from $7 trillion in the year 2000 to $120 trillion in 2020. The data tracks the period from one year before the country became a member of the World Trade Organisation (WTO), which speeded up the rise of its economy.

The report analysed the national balance sheets of 10 countries, which accounted for over 60 percent of the world's income. Apart from China and US, the countries in the report included Germany, France, UK, Japan, Sweden, Mexico, Canada and Australia.

As for the US, the net worth of the country increased to almost $90 trillion in two decades. In both US and China, the two biggest global economies, more than two-thirds of the wealth is concentrated in just 10 percent of the richest households. About 68 percent of the global net worth is stored in real estate, as per the report.

The surge in net worth has been led in part by rising property prices, making the net worth outstrip the rise in global gross domestic product. The rise in real-state prices can increase the risk of a financial crisis, like the one that occurred in 2008 after the US housing bubble burst.

As per news reports, the debt of Chinese property developers such as the Evergrande Group can lead the country into a similar crisis.

What is the Evergrande Group crisis?
The Evergrande Group has recently been struggling with over $300 billion in liabilities. The company, which is the most indebted of China’s private homebuilders, has ignited fears worldwide of a global financial crisis.
Recently, another Chinese real estate company, Fantasia Holdings, failed to repay a loan worth $205.7 million, according to news reports.

Updated Date:November 16, 2021 19:35:54 IST
Source: https://www.firstpost.com/
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I always find zile animations za those graphics zikiwa more entertaining as they tell the story. Unaona a country like China kakitoka huko kunaitwa out-of-no-where na kuburst suddenly on the scene and within no time iko kileleni. Zingine zilikuwa kileleni zinatupwa nakuu îtina viû kwîtawa oblivion!
 
Da Vinci said:
I always find zile animations za those graphics zikiwa more entertaining as they tell the story. Unaona a country like China kakitoka huko kunaitwa out-of-no-where na kuburst suddenly on the scene and within no time iko kileleni. Zingine zilikuwa kileleni zinatupwa nakuu îtina viû kwîtawa oblivion!
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Check out Infographics Show and Wendover Productions on YouTube. Top tier infotainment channels dealing with such stuff as you've alluded to
 
mzeiya said:
That's a other ball game altogether of which neither is top.
Here's a casual glance at 2020's rankings of GDP per capita using US$
View attachment 47887
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Per capita China bado iko chini sana at just 12,000 usd. Coastal provinces with over 300 million people akina Guangdong na Mega cities lakini ziko already developed status with over 20,000 usd per capita.
The vast hinterland is what is dragging them back.
Fun fact :China's economy will be twice the size of the US at just half the per capita income.
 
Meria said:
As expected
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Income per capita is a better indicative of quality of life than GDP (richest country). Just as an illustration, Kibera might have a GDP of 1 billion shillings and Kilimani might have a GDP 900 million shillings. The problem with this is Kibera has a higher bragging rights GDP (richer) than Kilimani. If you look closely however, 100000 residents of Kibera don't have anywhere close to a good life than 30000 residents of Kilimani.
 
Snowball said:
Income per capita is a better indicative of quality of life than GDP (richest country). Just as an illustration, Kibera might have a GDP of 1 billion shillings and Kilimani might have a GDP 900 million shillings. The problem with this is Kibera has a higher bragging rights GDP (richer) than Kilimani. If you look closely however, 100000 residents of Kibera don't have anywhere close to a good life than 30000 residents of Kilimani.
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This wealth report is not suggestive of the quality of life. Hii ni balance sheet tu ya kusema this is what you are worth.
If anything there's a better metric - than gdp per capita - of measuring quality of life. Google GNH
 
Snowball said:
Income per capita is a better indicative of quality of life than GDP (richest country). Just as an illustration, Kibera might have a GDP of 1 billion shillings and Kilimani might have a GDP 900 million shillings. The problem with this is Kibera has a higher bragging rights GDP (richer) than Kilimani. If you look closely however, 100000 residents of Kibera don't have anywhere close to a good life than 30000 residents of Kilimani.
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I have never seen Chinese complain about their inability to afford medical bills
 
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