except china is a totalitarian dictatorship which manipulates it's currencies exchange rate.Not my personal wealth, but the wealth of the world certainly has, which was my point. The US has a disproportionately high number of engineers innovating in high-paying jobs compared to, say, China. While a poor Chinese person may be forced to labor in a field or toil away in a factory, an American can gain an education and eventually go on to specialize in a cutting-edge field. The reason China has so few of the aforementioned engineers is not because their population isn't as talented; it's because they don't have the same opportunities to focus on advancement. Someone who could be a brilliant engineer is forced instead to pick rice because their economy isn't as developed, and as a result the world loses out on advances they could have made, e.g. cure for cancer, or treatment for AIDS.
So yes, as China becomes more and more of a first-world country and can provide the same opportunities for its citizens as the Western world has had for decades, the wealth of the world does indeed increase.
It's citizens don't lack opportunity because of some dark ages stagnant economy that will be dispelled by the unstoppable magic hand of capitalism. They lack opportunity because their lives are decided by committee.
That is the problem with neo-liberal free trade agreements. They eliminate the laws and the borders for capital and goods, but labor is still subject to geography and local tyranny.