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

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.