China has overtaken the United States as the world’s wealthiest country measured by the value of its buildings and infrastructure ($47.6 trillion versus $36.8trillion), according to Arcadis’ latest Global Built Asset Wealth Index. The index calculates the value of all the buildings and infrastructure contributing to economic productivity in 32 countries, which collectively make up 87 percent of global GDP.

The U.S.-built asset stock was largely unchanged during the past two years, while China has invested $33 trillion in its built assets since 2000—a total exceeding all other economies combined. In particular, China has invested 9 percent of GDP in infrastructure compared to 2 percent in the United States. Following China and the United States in the Global Built Asset Wealth Index are Japan, India, Germany, Russia, Italy, France, South Korea and Brazil.

The full report can be downloaded at arcadis.com/builtassetindex.