India is 6th wealthiest country in the world

According to AfrAsia Bank Global Wealth Migration Review, India is the sixth wealthiest country in the world with total wealth of $8,230 billion. US is richest nation globally with total wealth of $62,584 billion. Total wealth refers to private wealth held by all individuals living in each country. It includes all their assets (cash, equities, property, business interests) less any liabilities. It excludes government funds.

Key Facts

Top 10 wealthiest countries: US ($62,584 billion), China ($24,803 billion), Japan ($19,522 billion), UK ($9,919 billion), Germany ($9,660 billion), India ($8,230 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($4,276 billion).

Global Wealth: Globally, total private wealth held worldwide amounts to around $215 trillion and there are around 15.2 million High Net Worth Individuals (HNWIs) in world, each with net assets of $1 million or more. There are about 584,000 multi-millionaires in world, each with net assets of $10 million or more and 2,252 billionaires in world, each with net assets of $1 billion or more.

India: Factors that will help India in wealth creation include, good educational system, large number of entrepreneurs, robust outlook for Information Technology (IT), business process outsourcing, real estate, healthcare and media sectors which will result in 200% rise 10 year wealth growth forecast. Over the next 10 years, India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.

China: In the coming decade, it will witness significant rise in total wealth to $69,449 billion by 2027, while wealth of US would be around $75,101 billion.

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Categories: Business & Economy Current Affairs 2018

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