CHINA - Global Wealth Surges

Arno Froese

Global wealth tripled over the last two decades, with China leading the way and overtaking the U.S. for the top spot worldwide.

“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. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.

The U.S., held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion.

The ideal resolution would be for the world’s wealth to find its way into more productive investments that expand global GDP, according to the report. The nightmare scenario would be a collapse in asset prices that could erase as much as one-third of global wealth, bringing it more in line with world income.

-finance.yahoo.com, 14 November 2021

Arno's Commentary

In spite of dire predictions about the immediate future, facts and figures tell the opposite story. Jan Mischke rightly declares, “We are now wealthier than we have ever been.” If we were to compare our individual wealth to that of someone 50 or 100 years ago, we would quickly find that indeed, “We never had it so good.”

Unfortunately, a large percentage of people still live in poverty, and many suffer from hunger. Yet some reliable sources state that world hunger has been reduced by 50% during the last few decades. According to FastCompany.com, “Hunger in the developing world has more than halved.” In China, for instance, the hunger level fell from 24% of the population in the early 1990s to 9% by 2016.

That is one side of the story. The other is the progressive fulfillment of Bible prophecy. Here we can look at several examples. Egypt is a good picture. After the seven years of plenty, came seven years of catastrophe. Daniel reports of King Belshazzar: “They drank wine, and praised the gods of gold, and of silver, of brass, of iron, of wood, and of stone” (Daniel 5:4). After Daniel interpreted the handwriting on the wall, we read in verse 30: “In that night was Belshazzar the king of the Chaldeans slain.”

In Revelation 3:17, we read: “I am rich, and increased with goods, and have need of nothing.” That’s the statement of the church of the Laodiceans. But the verse continues, “and knowest not that thou art wretched, and miserable, and poor, and blind, and naked.” About Mystery Babylon, the mother of harlots, we read in Revelation 18:7b: “I sit a queen, and am no widow, and shall see no sorrow.”

At the height of King Herod’s power, we read: “And upon a set day Herod, arrayed in royal apparel, sat upon his throne, and made an oration unto them. And the people gave a shout, saying, It is the voice of a god, and not of a man. And immediately the angel of the Lord smote him, because he gave not God the glory: and he was eaten of worms, and gave up the ghost” (Acts 12:21-23).

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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