India has been ranked sixth in the list of wealthiest countries with total wealth of $8,230 billion, while the United States topped the chart, says a report.
According to a report by New World Wealth, the US is the wealthiest country with total wealth of $64,584 billion, followed by China ($24,803 billion) and Japan ($19,522 billion).
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 United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).
“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 (in US dollar terms),” the New World Wealth report said, adding “wealth held in China, India, USA, Japan and Australia all grew strongly over the past year”.
According to the New World Wealth report, India was the best performing wealth market globally in 2017 as its total wealth rose 25% from $6,584 billion in 2016 to $8,230 billion in 2017. China’s wealth during the year saw an increase of 22% and global wealth rose by 12% (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 330,400 HNWIs (high net-worth individuals), ranking it ninth in this aspect. The US topped the list with 5,047,400 HNWIs.
High net-worth individuals are those with $1 million or more in net assets.
India is also home to 20,730 multimillionaires, the seventh largest in the world. India has 119 billionaires, the third-highest after the US and China, the report said.