Signal China's total-economy wealth nearly equals that of the US once all sectors are counted

Summary

MGI points out that the comparison between the United States and China changes once wealth is measured for the whole economy rather than for households alone. Counting governments and corporations as well, China's total wealth was nearly equal to that of the United States. US households are wealthier than Chinese households, but the US government and corporate sectors have negative net worth, meaning their liabilities, including bonds and equity, are worth more than their assets. Those two sectors therefore subtract from total US wealth. In China, by contrast, the government and corporations account for one-third of total wealth.