First of all, a probably more relevant comparison would be to the amount of money in circulation (M0), which is ~$10T.
This means, that at 1.3T per year, Bitcoin represents ~13% of the global wealth.
No, M0 is not equivalent to global wealth.
I didn't say M0 is equivalent to global wealth.
BTC's value shouldn't be expected to reach the level of global wealth.
It should be compared to the amount of physical money in circulation, because that's what's used for direct exchange between consumers and producers, and that's where it competes in.
M1,2..n levels can be built on top of any currency, including Bitcoin, but those levels don't increase the value of the currency.
BTC's ultimate potential is equivalent to the global M0, not any higher level. (I'll note that BTC has other uses that increase its demand, such as a registrar and notary of all sorts, but let's put them aside for the purposes of our discussion).