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Economy

China overtakes U.S. in national net worth to grab top spot

Communist country's value reaches $120 trillion: McKinsey report

China's real estate boom has pushed up its net worth to $120 trillion, above the U.S.'s $89 trillion.   © Reuters

TOKYO/BEIJING -- China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion as a red-hot real estate market drove up property value, according to a report by McKinsey Global Institute.

McKinsey's report covered 10 countries that account for 60% of the world's income. The total net worth for the group tripled from 2000 to $510 trillion.

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