Communist country's value reaches $120 trillion: McKinsey report
China's real estate boom has pushed up its net worth to $120 trillion, above the U.S.'s $89 trillion. © Reuters
KOSUKE INOUE and IORI KAWATE, Nikkei staff writers | China
TOKYO/BEIJING -- China's net worth reached$120 trillion in 2020 to overtakethe U.S.'s $89 trillion as a red-hot real estate market drove up property value, according to a report by McKinsey Global Institute.
McKinsey's report covered 10 countries that account for 60% of the world's income. The total net worth for the grouptripled from 2000 to $510 trillion.
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