New Delhi: India has included in the top 10 wealthiest countries in the world with a total individual wealth of USD 5,600 billion while the United States topped the figure.
According to a report by New World Wealth, India was ranked 7th leading of Canada (USD 4,700 billion), Australia (USD 4,500 billion) and Italy (USD 4,400 billion), which came in at 8th, 9th and 10th niche, respectively.
The US is the wealthiest in the world in terms of total individual wealth held (USD 48,900 billion) while China place second and Japan third, with total individual wealth of USD 17,400 billion and USD 15,100 billion, respectively.
More in the top 10 club include the United Kingdom (4) with a total individual wealth of USD 9,200 billion, replaced by Germany (5th, USD 9,100 billion) and France (6th, USD 6,600 billion).
Wealth assign to net assets of a person. It admit all their assets (property, cash, equities, business interests) less any liabilities, the report said adding that it prohibits government funds from its figures.
The ranking of India even as one of the top 10 richest countries in the world is largely because of its large population. “Australia’s ranking is excellent, considering it only has 22 million people living there,” the report explained.
Over the past 5 years, China was the fastest developing wealthiest country in terms of dollar wealth growth.
On India, the report stated, “Australia and India also grew greatly and India, Australia and Canada have just overtaken Italy over the past 12 months.”
The enquiry ranked the wealthiest countries in the world as of June 2016 in terms of whole individual wealth held.