"America usurped: China becomes world'es largest economy - putting USA in second place for the first time in 142 years", says the Daily Mail Online on 9 October here.
The Economist is quick to point out that "China is merely regaining a title that it has held for much of recorded history. In 1820 it probably produced one-third of global economic output. The brief interlude in which America overshadowed it is now over."
Of course, China's per capita wealth is a mere fraction of that of the United States, especially in nominal terms. But size matters. Thanks to its gambling industry, Macao, a tiny Special Administrative Region of China, ranks as he world's sixth wealthiest in nominal GDP per capita, far richer than the United States, ranked 13th, according to the World Bank in 2013. Click here
