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India ranked 6th wealthiest country

May 21, 2018 19:07 IST
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.

Top 10 wealthy countries

S.no.

Country Name

Total Wealth

1.

United States of America

$62,584 billion

2.

China

$24,803 billion

3.

Japan

$19,522 billion

4.

United Kingdom

$9,919 billion

5.

Germany

$9,660 billion

6.

India

$8,230 billion

7.

Australia

$6,142 billion

8.

Canada

$6,393 billion

9.

France

$6,649 billion

10.

Italy 

$4,276 billion

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.

About AfrAsia Bank Global Wealth Migration Review 2018

  • The review provides insights on worldwide wealth and wealth migration trends over the past 10 years, with projections for the next 10 years.
  • The wealth migration figures are a very important estimate of the financial health of an economy.
  • According to the report, global wealth rose by 12% in 2017, from US$192 trillion at the end of 2016 to US$215 trillion at the end of 2017.
  • India topped the list of ‘Best Performing Wealth Markets’ with growth of 25 per cent for the year, while Mauritius experienced 20 per cent growth, closely behind Malta and China, both of which recorded growth of 22 per cent.
  • Notably, growth rates in Malta and Mauritius were assisted by the ongoing migration of wealthy people to these countries.
 

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Who: India

What: Ranked 6th wealthiest country

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