India ranked 6th wealthiest country

The AfrAsia Bank Global Wealth Migration Review ranked India as the 6th wealthiest country in the world with a total wealth of $8,230 billion, while the United States was ranked as the wealthiest with a total wealth of $62,584 billion.

The review ranked China with a total wealth of $24,803 billion in the second position and Japan with $19,522 billion at the third place.

What is total wealth?

• Total wealth refers to the private wealth held by all the individuals living in each country.

• It includes all their assets including property, cash, equities and business interests minus any liabilities.

• The figures, however, exclude government funds.

• Here, the larger countries have a significant advantage due to higher populations.

Factors that will boost India’s wealth creation

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

Wealth Forecast

• According to the report, China is expected to witness a rise in total wealth to $69,449 billion by 2027, while the wealth of the US is expected to rise to about $75,101 billion during the same time.

• Australia is also expected to witness a significant increase in its total wealth, which will help it overtake Canada and gain a lot of ground on Germany and the UK.

• India, on the other hand, is expected to overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.

• Overall globally, the total wealth is expected to rise by 50 per cent over the next decade, reaching $321 trillion by 2027.

• The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China and Mauritius.

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