USA vs China
If you look at the 2020 GDP Per Capita rank, China was at the 63rd rank. And the USA was in the 5th position. Even if we talk about the overall GDP, the USA is much ahead as the #1 country in the world in terms of overall GDP. At approximately $21 trillion. China comes in second place, at around $15 trillion. And at present, India is a $3 trillion economy.
Despite lagging in both cases, China has overtaken the USA. In terms of overall national wealth. According to the McKinsey Report. This report was compiled after analysing the National Balance Sheet of 10 countries. Some other findings of this report revealed that the global wealth has tripled in the last two decades. From $156 trillion to now at $514 trillion. Exponential growth was seen in China’s wealth.
In 2000, about 20 years ago, China’s wealth was $7 trillion. And today it has become $120 trillion. An increase of 17 times. During the same period, the total wealth of the USA increased 2x. Today it is at $90 trillion. This is the comparison of the overall wealth. Currently, China is at $120 trillion and the USA at $90 trillion. You might start to wonder in the year 2000, the USA was richer than China. And every year, the annual GDP of the USA has been more than China’s. So how did China become richer than the USA? Even though the USA’s GDP has been higher. The answer to it is very interesting.
