The United States, a country usually associated with vast wealth, did not take first place. In 2021, it is replaced by China, which becomes the richest country in the world by net assets.
According to a study, China has overtaken the US with a rapid growth in its wealth from $7 trillion in 2000 to an astonishing $120 trillion in 2020. US wealth also grew during this period, reaching nearly $90 trillion. However, they are losing their leading position.
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The key to China’s economic expansion
China’s membership of the World Trade Organization (WTO) has played a key role in this astonishing growth. The WTO grants countries a number of privileges that help shape and enforce international trade rules, especially in emerging markets. This factor is one of the main catalysts for China’s economic expansion.
Despite this impressive success, it should be noted that wealth in China is not evenly distributed. About 2/3 of the total is concentrated in the wealthiest households, similar to the United States.
Bringing back leadership
In 2023, however, the situation changes. The United States manages to regain its lead, ranking as the richest country in terms of net worth with an impressive $145.8 trillion.
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Surprises in the rankings
However, the story becomes even more interesting when one looks at gross domestic product (GDP) per capita. In this aspect, Luxembourg occupies a leading position with a GDP per capita of $127,673. Followed by countries like Ireland, Norway and Switzerland. This view tells us that the distribution of wealth can be different depending on the point of view.
After all, the race for the title of “richest country in the world” continues. Various economic factors and policy changes have the power to change the distribution of wealth and the ranking of countries. The world of money is dynamic and constantly changing, providing new surprises and insights into the global economy.
Which country has the most gold?
The richest country in the world is not a permanent position, but a dynamic path that changes over time. China and the United States are at the center of this economic drama, each year providing new aspects and challenges. Therefore, to understand the true nature of the “richest country”, we need to pay attention to the various aspects and criteria that determine the wealth and influence of a country on a global scale.
2023-11-17 21:02:24
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