Global wealth report 2021: Sec Gen Xi amefanya kazi buana

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

That’s one of the takeaways from a new report by the research arm of consultants McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60% of world income.

[SIZE=5]World’s New Wealth[/SIZE]
China accounted for almost one-third of gains in global net worth over the past two decades

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Source: McKinsey Global Institute
*Note: Mexican data covers period 2003-2020
“We are now wealthier than we have ever been,” Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.

Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.

[SIZE=5]Richest 10%[/SIZE]
The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.

In both countries – the world’s biggest economies – more than two-thirds of the wealth is held by the richest 10% of households, and their share has been increasing, the report said.

As computed by McKinsey, 68% of global net worth is stored in real estate. The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents.

[SIZE=5]Where It’s Stored[/SIZE]
More than two-thirds of global wealth is held in real estate
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Source: McKinsey Global Institute
Note: Financial assets are excluded because they’re matched by liabilities

Financial assets are not counted in the global wealth calculations because they are effectively offset by liabilities: A corporate bond held by an individual investor, for instance, represents an I.O.U. by that company.

[SIZE=5]‘Side Effects’[/SIZE]

The steep rise in net worth over the past two decades has outstripped the increase in global gross domestic product and has been fueled by ballooning property prices pumped up by declining interest rates, according to McKinsey. It found that asset prices are almost 50% above their long-run average relative to income. That raises questions about the sustainability of the wealth boom.

“Net worth via price increases above and beyond inflation is questionable in so many ways,” Mischke said. “It comes with all kinds of side effects.”

Surging real-estate values can make home ownership unaffordable for many people and increase the risk of a financial crisis – like the one that hit the U.S. in 2008 after a housing bubble burst. China could potentially run into similar trouble over the debt of property developers like China Evergrande Group.

The ideal resolution would be for the world’s wealth to find its way into more productive investments that expand global GDP, according to the report. The nightmare scenario would be a collapse in asset prices that could erase as much as one-third of global wealth, bringing it more in line with world income.

China is the best country to emulate

Xi has been a good steward but didn’t most impressive growth happen between 97 and 07. Enzi za kina Jiang Zemin ?

Deng Xiaoping also contributed heavily

One could say he contributed the most even. Major catalyst in China’s new open-door policy and implemented wide-ranging systemic and institutional reforms, from agriculture (which acted as the launchpad) to education. Perhaps the most influential leader, political or otherwise, in the latter segment of the 20th century.

He’s actually the father of the modern Chinese miracle.
Mao had fucked them with the catastrophic great leap forward and even more cataclysmic cultural revolution

But then one wonders, why are ordinary Chinese so poor?!

Is it maybe because of greedy, corrupt leaders who keep the whole cake to themselves leading to inequality? What is the net worth of some of these Chinese elites? Lakini hio ni state secret.

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Kila nchi iko na “Kibera” yake.

Ya China ni kubwa zaidi.

For instance you have heard of the empty cities, bado ni empty. Ordinary Chinese cannot afford to live in those apartments. Some have been abandoned for so long that they had to be pulled down because the walls and floors are rotting away from neglect and poor construction.

Kama Jinping angekuwa fair, si afanye kama Arabs ama mzungus i.e give the people the money directly, welfare. Unawejengea nyumba kwani hawawezi jijengea?

Pay them good salaries and give them welfare or social assistance. To this day Chinese still go to old govt clinics because they cannot afford to visit the big brand new spitali. China is a communist state, therefore the poor wanafaa kuwa wanarushiwa kakitu kila mwezi kujiiniua kama sio hio then give them free housing or free education to fast track development.

Xi is a corrupt pig like the rest.

Kuna relatives wake wameficha pesa mingi sana Hong Kong. Even they don’t trust mainland Chinese banks. Kikiumana wajiondoe.

those figures only make sense if represented per-capita, very misleading graph

OP is trying to fit a narrative.

Nonsense! Some countries like Sweden, Norway and Switzerland don’t have these extremes of poverty or such a large disparity

The problem is that strong men never know when to leave. Some stay too long they risk destroying everything

Prove it.

True. Xi atatolewa kwa njia moja very loud and messy.

Post pictures of Baltimore there’s something I want to see.

Upus… Hii ni balance sheet ya kioyesha the wealth in the country and one is saying that the average Chinese is richer than the average American.

In fact China still says it is a developing country.

The author of the report ni McKinsey a US firm not me. Direct your copium and anger there.

I didn’t question the author. And not a ounce anger in me I don’t eat eat China as much as I don’t eat US. So data on any such is meaningless to me. Now post Kenyan data, you will invoke an emotion.