This factor alone causes the surpassion of China on US to become the richest country in the world, but this title may not last long.

Global wealth has tripled in the past two decades, with China leading and surpassing the United States to become the world's number one. However, there are still many issues in China’s economy.

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A McKinsey & Co. report reviewed the national balance sheets of ten countries that accounted for more than 60% of the world's income. According to the report, in the past two decades, China accounted for nearly one-third of global net asset growth.
"We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview.
Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study.
China accounted for almost one-third of the increase.
According to the report, its wealth has soared from $7 trillion in 2000 (the year before joining the WTO) to $120 trillion, thus accelerating its economic growth.
The US, hobbled by silent increases in real estate prices, saw its net worth more than double over this period, to $90 trillion.
More than two-thirds of the wealth in both countries - the world's largest economies - is owned by the richest 10 percent of households, and their share is increasing, the report said.
According to McKinsey & Co, about 68% of these assets are real estate. Their report also points out that the sharp increase in net worth over the past two decades has outstripped in global gross domestic product (GDP) and has been driven by skyrocketing property prices due to the very low interest.

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With annual growth rates averaging 10 per cent over the past 30 years, China has become the world’s fastest-growing major economy and the second largest economy overall behind the US.
But while this rapid expansion has lifted millions out of poverty, it has also widened the gap between the country’s richest and poorest.
The World Bank's Gini coefficient estimates are economic indicators of the level of income inequality in a country, placing China as one of the most unequal and major global economies, lagging behind much of Europe. However, it is more advanced than the United States.
Chinese officials have vowed to deal with these inequality, and President Xi Jinping emphasized the need for "common prosperity" in his speech last week, creating "more comprehensive and fair conditions" and "excessive income." I promised to "adjust."
“Achieving common prosperity is not just an economic issue, but a significant political one that matters to the party’s basis to rule,” Xi warned in January to his provincial ministerial level cadres. “We absolutely cannot allow [the] rich-poor gap to increase bigger and bigger, [resulting in] the poor poorer and the rich richer. [We should] absolutely not allow an insurmountable gap between the rich and the poor.”
However, only 1% of Chinese households own 30% assets of the whole country, according to Qu Hongbin. He worries that the inequality will not decrease if the government doesn’t have a sustainable plan.

China's income inequality is among the world's worst

 

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According to another report from Moody’s, real estate accounts 80% of each Chinese household, which accounts for 10% of total income of the people in this country. It can be said that this is one of the factors that get richer in China even more, when it comes to young workers and opportunities.
The McKinsey & Co. evaluates this may cause to real-estate bubble, same as Evergrande situation in the past. McKinsey warns that the sharp decrease of real estate price can lead to the disappear of 1/3 worldwide net worth