India is the sixth wealthiest country in the world with the total net worth of $8,230 billion, while the US stands in the first, says report.
According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with total wealth of $62,584 billion, followed by China at the second place and Japan at the third place.
“Total wealth” refers to the private wealth held by the individuals living in each country/city. It includes all the assets (property, cash, equities, business interests) less any liabilities. The report says India’s wealth took a sharp jump of almost 25% in the net worth.
Wealth held in India grew strongest over the past year, up by 25% from $6,584 billion in 2106. Indians were also among the biggest gainers of wealth over the past decade, posting a whopping 160% increase between 2007 and 2017, just behind the Chinese who acquired 198% additional wealth during the same period. India is also home to 20,730 multimillionaires, the seventh largest in the world. India has 119 billionaires, the third-highest after the US and china, the report said.
Over 67 crore Indians compromising the populations poorest half saw their wealth rise by just 1%, as per the survey released by the international rights group Oxfam. The last year’s survey also showed that the wealth of India’s richest 1% held a huge 58% of the country’s total wealth, higher than the global figure of about 50% than the global figure also showed that the wealth of India’s richest 1% increased by over rs.20.9 lakh crore during 2017, an amount equivalent to total budget of the central government in 2017-18, Oxfam India said.
Factors that will help India in wealth creation include, good educational system, larger number of entrepreneur, robust outlook for information technology (IT), business process outsourcing, real estate, health care and media sectors which will result in 200% rise 110 years, India will overtake Germany and the UK to become 4th largest wealth market worldwide by 2027.
– Tanuja Mohana Robbi