India, world’s 6th wealthiest country, study

Mangalore Today News Network

New Delhi, Jan 31, 2018 : India has been ranked sixth in the list of wealthiest countries with total wealth of $8,230 billion, while the US topped the chart, says a report.

 

According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to $64,584 billion, followed by China at the second place with $24,803 billion, and Japan with $19,522 billion at third. Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.

Others in the list include UK (fourth, $9,919 billion), Germany (fifth, $9,660 billion), France (seventh, $6,649 billion), Canada (eigth, $6,393 billion), Australia (ninth, $6,142 billion) and Italy (10th, $4,276 billion).

The report further noted that India was the best performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a 25% growth.

Meanwhile, during the period under consideration China’s wealth saw an increase of 22% and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017).

Over the past decade (2007-2017) India’s total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a jump of 160%. The report further noted that India, is home to 3,30,400 HNWIs (individuals with $1 million or more in net assets). Globally, India was ranked ninth in this aspect while US topped the list with 50,47,400 HNWIs (high-net-worth individuals). India is also home to 20,730 multi-millionaires, seventh largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China. A billionaire is defined as an individuals with $1 billion in net assets.

“In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23% and the Dow Jones (DJIA) was up 26% during the year,” the report said, adding “wealth held in China, India, the US, Japan and Australia all grew strongly over the past year,” it said.