According to the report by AfrAsia Bank Global Wealth Migration Review, India has come under 10 wealthiest countries of the world, ranking at 6th position. India is listed with the total wealth of $8,230 billion, while the US tops the list by becoming the wealthiest country globally with total wealth of $62,584 billion.
The research is done keeping in mind the private wealth held by the individuals living in each country, that consist of property, cash, equities, business, interests, minus the liabilities. Government funds are also excluded from these figures.
The US is followed by China ($24,803 billion) in the second place and Japan ($19.522 billion) in third. Other top 10 countries are the UK ($9,919 billion), Germany ($9,660 billion), India ($8,230 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($4,276 billion).
The factors that got India it’s 6th place were the large number of entrepreneurs, a good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and the media sector which will result in a 200% rise 10 year wealth growth forecast, according to the report.
By 2027, more countries are estimated to grow. China’s wealth will rise to $ 69,449 billion in 2027, while the wealth of the U.S. will be around $75,101 billion. In the next years, Australia will overtake Canada and India will become 4th largest worldwide market by 2027. The fastest growing wealth markets are Sri Lanka, India, Vietnam, China, and Mauritius.
Globally, total private wealth held worldwide amount to around $215 trillion and total multimillionaire are $584,00, with net assets of $10 million and more and 2,252 billionaires in the world, each with net assets of $1 billion or more, the report added. The global wealth is also estimated to rise 50% by next decade with the figure of $321 trillion by 2027.
(Inputs by Press Trust of India)