“We are now wealthier than we have ever been,” Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview. The study maintained that the global net wealth increased to $514 trillion in 2020, from $156 trillion in 2000. China has almost secured a one-third share in this net wealth, the study noted. More than two-thirds of the wealth of the global wealth is possessed by 10% of the elite in the world, as per the report. According to the report by McKinsey, 68% of the global net wealth can be attributed to real estate.

Source: The Nation November 18, 2021 10:08 UTC