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With $8,230 billion, India is world’s 6th wealthiest country: Report

With $8,230 billion, India is world’s 6th wealthiest country: Report
A beautiful view of Kachiguda Railway station in Hyderabad on Thursday. The station connects various cities and states across India. (Pics. Murli)

NEW DELHI: 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 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 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).

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 per cent 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 3,30,400 HNWIs (individuals with $1 million or more in net assets). Globally, India was ranked 9th 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, 7th 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 or more 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 (in USD terms),” the report said, adding “wealth held in China, India, USA, Japan and Australia all grew strongly over the past year”.