India sixth wealthiest country in the world: Report

May 20, 2018 10:25

India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, while the United States is the richest nation globally, says a report.

According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China (USD 24,803 billion) at the second place and Japan (USD 19,522 billion) at the third place.

"Total wealth" refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. It exclude government funds from figures. Larger countries have an advantage due to higher populations.

Other countries in the top 10 wealthiest list includes the United Kingdom USD (9,919 billion), Germany (USD 9,660 billion), India (USD 8,230 billion), Australia (USD 6,142 billion), Canada (USD 6,393 billion), France (USD 6,649 billion) and Italy (USD 4,276 billion).

Factors that will help in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors which will result in a 200 per cent rise 10 year wealth growth forecast, according to the report.

In the coming decade, China is expected to witness a significant rise in total wealth to USD 69,449 billion by 2027, while wealth of the US would be around USD 75,101 billion.

Globally, the total private wealth held worldwide amounts to around USD 215 trillion and there are around 15.2 million HNWIs in the world, each with net assets of USD 1 million or more. -- PTI

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