* China's wealth rocketed to $120 trillion from a slender $7 trillion in 2000
* The United States saw its net worth double over the same period to $90 trillion
* Report found that historic link between net worth and GDP has been severed
* This has been driven by soaring asset prices and declining interest rates
Global net worth has trebled over the last two decades, with China accounting for a third of its growth, according to a new report.
China's wealth rocketed to $120 trillion from a slender $7 trillion in 2000, the year before it joined the World Trade Organization, accelerating its boom.
The United States, held back by smaller real estate gains, saw its net worth double over the same period to $90 trillion.
Read more ....
Update: Global Wealth Surges as China Overtakes U.S. to Grab Top Spot (Bloomberg)
WNU Editor: China's growth rate has declined slightly due to Covid, but it is going to continue to expand significantly in the coming years even with all the problems that China has.
7 comments:
Chinese do this thing called work. Back in 2000 someone told me of people on Outer Mongolia, who had very low productivity. Probably no longer. It wasn't for lack of trying.
What does China have? A higher population, a higher labor force participation rate and let is not fool ourselves they have higher productivity. They do not have as many useless people.
I guess China is riding it's paper mache "real estate gains" to proclaim itself worth $120 trillion.
THE,
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BALLOON.
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I'm always very cautious with China numbers. They are as good as Stakhanov's one.
As long as they ignore the climate and use slave labor they will always win against the US.
The real estate bubble is a problem. Still 1 billion people create a lot of demand. There is a bubble in the US as well. The Federal Reserve has literally "bought" stock to float the stock market higher. There is a lot of smoke and mirrors to go around.
It has been questioned that if the Fed buys stock what is it to prevent leaks to Congress critters and others for them to make the smart buys?
Are people sure that if Alighieri were alive today, Janet Yellen would not figure prominently in an updated version of his book?
I figured Yellen was competent and female. After her comments in her new job, I no longer regard her as competent, but merely as good as she has to be at office politics.
Rock solid wealth is skilled people who work, productive land and necessary assembly lines.
Related. I was in a red state recently. It was booming judging from the construction and expanding suburbs. Businesses have relocated from the blue states like California and New York. I have read about it for the past few years. Now, I saw it.
I saw curious thing. Maybe not so curious. I saw a Central American pan handling. So they snuck in or were let in. They have no skills and no job. It should end well. I am use to seeing pan handlers in a blue state. The blue metro which dominates my state literally has a one pan handler on every street corner.
The blue state which are dying are like New York. We are afraid the rats will flee the sinking welfare state and come to ref states. One rat will not flee. NY AG Letitia "Tish" James will run for NY governor. She took out Andrew Cuomo. Andrew will run for NY AG. Assuming Tish win it will be interesting. Tish will have Andrew's old job and Andrew will have Tish's old job. They hate each other now obviously. If Andrew runs, the bet is he will be a shoo in. So we will have a rat fight on a burning, sinking ship.
Meanwhile the rest of us have to rebuild the wreckage left by Democrats and socialists. And fight off new blue infections.
then get busy and stop bitching
0810 you had a coherent though buried deep somewhere in your garrulous comment?
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