India ranks seventh among top 10 wealthiest countries of the world

India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion while the United States topped the chart.

PTI August 23, 2016 17:33:27 IST
India ranks seventh among top 10 wealthiest countries of the world

New Delhi: India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion while the United States topped the chart.

India ranks seventh among top 10 wealthiest countries of the world

Representational image of a shopping mall. Reuters

According to a report by New World Wealth, India was ranked 7th ahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy ($4,400 billion), which came in at 8th, 9th and 10th slots, respectively.

The US is the wealthiest in the world in terms of total individual wealth held ($48,900 billion) while China stood second and Japan third, with total individual wealth of $17,400 billion and $15,100 billion, respectively.

Others in the top 10 club include the United Kingdom (4) with a total individual wealth of $9,200 billion, followed by Germany (5th, $9,100 billion) and France (6th, $6,600 billion).

Wealth refers to net assets of a person. It includes all their assets (property, cash, equities, business interests) minus any liabilities, the report said adding that it excludes government funds from its figures. The ranking of India as one of the top 10 wealthiest countries in the world is largely because of its large population.

"Australia's ranking is impressive, considering it only has 22 million people living there," the report explained.

Over the past 5 years, China was the fastest growing wealthiest country in terms of dollar wealth growth. On India, the report stated, "Australia and India also grew strongly and India, Australia and Canada have just overtaken Italy over the past 12 months."

The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held.

Updated Date:

also read

UK Conservative MP David Amess dies after being stabbed multiple times at constituency meet
World

UK Conservative MP David Amess dies after being stabbed multiple times at constituency meet

Amess was holding a his regular weekly meeting with constituents at the Belfairs Methodist Church, in the small town of Leigh-on-Sea when he was stabbed

In Canada, six-hundred-pound giant black bear breaks window and enters house; see pictures here
World

In Canada, six-hundred-pound giant black bear breaks window and enters house; see pictures here

The bear loitered around the entire house, wandering from one bedroom to another.

Shredded Banksy artwork, 'Love is in the Bin', could fetch millions at auction
World

Shredded Banksy artwork, 'Love is in the Bin', could fetch millions at auction

“Love is in the Bin” is being offered by Sotheby’s in London, with a presale estimate of $5.5 million to $8.2 million