McKinsey: global wealth has tripled in 20 years due to rising house prices , overtaking the United States in terms of income, according to a report by the consulting company McKinsey. Global wealth as a whole has tripled over the past 20 years. Experts cite the rise in house prices as the reason for the explosive growth in global income.
McKinsey studied the net assets (the value of all assets owned by people and businesses) of ten countries, which account for more than 60 percent of global income. The total wealth of the world in 2020 has grown to 514 trillion from 156 trillion in 2000. China accounted for almost a third of this increase – the wealth of its national economy rose from $ 7 trillion to $ 120 trillion. In the United States, this figure has more than doubled to $ 90 trillion. In both economies, more than two-thirds of assets are owned by 10 percent of the population, and their concentration is growing.
In addition, 68 percent of the world's total assets are real estate. Analysts at McKinsey believe that the sharp rise in the aggregate value of global assets over the past two decades is caused by a spike in property prices due to lower interest rates. The study showed that real estate in the world is becoming more expensive faster than income growth. This trend is reducing the number of people who can afford to buy a home. In addition, skyrocketing property prices are increasing the risk of a financial crisis similar to the one that hit the US in 2008 with the housing bubble.
In August, Colombian researchers found that wealthy Americans have become more richer. Asset income has steadily increased over the past few decades in the country's most prosperous regions, but has remained stagnant in 90 percent of the poorest regions. The only assets of most US residents are their own homes and retirement accounts.