Shanghai city view REUTERS

Bloomberg on November 15 cited the latest report of global management consulting firm McKinsey & Co showing that China's net worth has increased sharply over the past 20 years.

Specifically, from 7 trillion USD in 2000, China's net worth has increased 17 times to 120 trillion USD in 2020.

During the same period, US net worth doubled to $90,000 billion. Thus, China has surpassed the US to become the country with the largest net worth.

The accession to the World Trade Organization (WTO) in 2000 was said to be a boost to the Chinese economy . Over the past 20 years, the country has accounted for a third of the increase in global net wealth.

In both China and the United States, more than two-thirds of wealth belongs to the richest 10% , and this share is increasing. On the other hand, the world's wealth will reach 514 trillion USD in 2020, up from 156 trillion USD in 2000.

About 68% of these assets are real estate, according to McKinsey & Co. The consulting firm warned that rising real estate values could be unsustainable. On the other hand, it makes many people have difficulty in owning houses, which can lead to crisis finance as in the US in 2008. China may fall into a similar situation because of debts real estate companies like China Evergrande .