According to a report by New World Wealth, India has been ranked as the 6th wealthiest country in the world with a total wealth of $8,230 billion, while United States Of America (USA) tops the chart with $64,584 billion worth of total wealth.
Much has been said about India’s growth as a developing nation and the current government’s policies, but this report comes as a silver lining since India tops the Wealth Chart, when it comes to all developing nations in the world.
India is the only developing nation in the top 10 and has even more wealth than the likes of France, Australia Canada, and Italy. The reason behind this could be the huge workforce and the ratio of youth (below 35 years of age) among the population but the fact that the country’s total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, which is growth of 25 percent, also makes India the best-performing wealth market in the world.
Before dwelling into further details of the report by New World Wealth, let’s take a look at on what basis did the organization came up with these rankings.
Total wealth refers to all the private wealth held by individuals living in each country. It includes all assets (property, equities, cash, business interests) less any liabilities. However, the report excludes government funds from its figures.
The United States of America (USA) topped the chart with $64,584 billion in total wealth followed by China with $24,803 billion. Japan concludes the top three with $19,522 billion in total wealth while United Kingdom (4th, USD 9,919 billion) and Germany (5th, USD 9,660 billion) made it to the top five.
Although the top 10 features all the developed countries, India is only developing nation to feature among them. Others in the list include France (USD 6,649 billion, 7th), Canada (USD 6,393 billion, 8th), Australia (USD 6,142 billion, 9th) and Italy (USD 4,276 billion, 10th).
As mentioned earlier, India was also named the best-performing wealth market in the world with a growth of 25 percent but China follows closely with a 22 percent increase. On the other hand, when it comes to Global Wealth, it grew 12 percent from 2016 to 2017 (from $192 trillion to $215 trillion).
The report further added that India boasts 3,30,400 high-net-worth individuals (individuals with $1 million or more in net assets) and is ranked 9th in this aspect, globally, while the US topped the list with 50,47,400 HNWIs.
India is also home to 20,730 multi-millionaires, which is the 7th largest in the world and when it comes to resident billionaires, India sits at the third position with 119 such individuals while US and China are ranked first and second, respectively.
To conclude the report, New World Wealth mentioned that in the last one decade (2007-2017), India’s total wealth jumped from $3,165 billion to $8,230 billion, an increase of 160 percent.