By: April Carson
With China now the world's wealthiest country, the United States has relinquished its title as the richest nation on earth.
According to a study from McKinsey & Company, which was leaked by Bloomberg, China's wealth grew from $7 trillion in 2000 to more than $120 trillion in 2020, giving it the title of world's wealthiest country.
In the same period, the value of the United States increased to nearly $90 trillion, but fell short of taking first place. China's ascent to the top of the global rankings helped to account for almost a third of the overall increase in wealth over this period, from $156 trillion to $514 trillion.
China's economic rise is said to have accelerated as a result of China joining the World Trade Organization (WTO), an international body that regulates trade between countries. Because of this, many far-flung nations have joined the WTO in order to get access to its resources.
In other words, countries can benefit from such membership since the WTO aids nations in establishing and enforcing international trade rules throughout developing areas.
Despite this, while it is a significant win for one family, it is not one that the country as a whole can claim since only about two-thirds of the money is held by just 10% of the wealthiest families. In the United States, this trend has also been observed. The country is now in second-place worldwide when it comes to wealth.
China's success will be a key indicator in the future years, as while economic expansion provides a decent return, certain trends in rising net worth may make countries vulnerable to collapse.
The notorious 2008 US financial crisis, which was triggered by a collapse in the housing market, demonstrated this all too clearly. With rising property prices playing a role in China's spectacular rise, experts will need to keep an eye on the horizon for indicators of a comparable economic catastrophe.
The downfall of the housing market in America demonstrated how easily financial problems can lead to a national decline. With many more years of swift growth for China, experts will need to keep an eye on indicators of impending collapse while keeping an eye out for positive economic trends.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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