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India becomes the sixth wealthiest country in the world

India is the sixth wealthiest country in the world with a total wealth of USD 8,230 billion, according to the AfrAsia Bank Global Wealth Migration Review. The report further stated that the United States is the wealthiest country in the world with a total wealth of USD 62,584 billion.

China stood at the second place with USD 24,803 billion, while Japan was at the third place with USD 19,522 billion. Other countries in the top 10 wealthiest list include the United Kingdom, Germany, Australia, Canada, France and Italy. The total wealth, in the report, refers to the private wealth held by all the individuals living in each country.

It includes all their assets less any liabilities. Government funds are excluded from it. Therefore, larger countries have an advantage due to a higher population.

Further, the report stated factors that will help in wealth creation in India. They include a large number of entrepreneurs, good educational system, a robust outlook for IT, business process outsourcing, real estate, healthcare and media. These sectors will result in a 200 percent rise in wealth in the next 10 years. Globally, the total private wealth held worldwide amounts to around USD 215 trillion.

There are about 5.84 lakh multi-millionaires in the world, each with net assets of 10 million dollars or more and 2,252 billionaires, each with net assets of 1 billion dollars or more.

Global wealth is expected to rise by 50 percent over the next decade, reaching 321 trillion dollars by 2027. The fastest growing wealth markets are expected to be India, Sri Lanka, Vietnam, China, Mauritius, the report said.

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