India is the sixth richest country in the world with total private fortunes reaching $8,230 billion in 2017, while the United States takes away the crown as the wealthiest, a new report reveals.
According to New Wold Wealth, a global wealth intelligence and market research company, Indians hold more assets in their country than those living in other wealth hotspots like France, Canada, Australia and Italy.
Wealth held in India grew strongest over the past year, up by 25 percent from $6,584 billion in 2016. Indians were also among the biggest gainers of wealth over the past decade, posting a whopping 160 per cent increase between 2007 and 2017, just behind the Chinese, which acquired 198 per cent additional wealth during the same period.
Total wealth refers to the fortunes owned by all the individuals living in each state or city, and it includes cash, property, stocks and business interests. It doesn’t include government funds.
In the United States, privately held assets amounted to $62,584 billion, the highest in the world, followed by China, with $24,803 billion, Japan ($19,522 billion), United Kingdom ($9,919 billion) and Germany ($9,660 billion).
The report also noted that with India’s huge entrepreneur community, good educational system and English-speaking population, private fortunes will grow by a massive 200 per cent over the next ten years, with strong growth in the local financial services, information technology, business process outsourcing, real estate, healthcare and media industries.
India is home to 330,400 high-net-worth individuals as of 2017, one of the highest in the world. There were also at least 119 billionaires living in the country last year, much higher than those in Germany, Canada, France, Australia, China and Russia.