AfrAsia Bank Global Wealth Migration Review report analysis accounts the total wealth of India to be $8230 billion – making India the world’s sixth wealthiest country in the list that is topped by the United States with total wealth of $62,584 billion. Richness!
India has received some global attention in past one decade, thanks to its economic advancements and becoming one of the fastest and largest economies in the world. Fuelling the entire scenario, a report by AfrAsia Bank Global Wealth Migration Review shows that India is the sixth wealthiest country in the world with a total wealth of $8,230 billion. As per this report, the US is the wealthiest country in the world with a total wealth of $62,584 billion, followed by China ($24,803 billion) at the second place and Japan ($19,522 billion) at the third place. Other countries in the top 10 wealthiest list includes the UK $(9,919 billion), Germany ($9,660 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($4,276 billion).
Interestingly, the AfrAsia Bank Global Wealth Migration Review report refers to the private wealth held by all the individuals living in each country. This includes all the assets held by private entities, not considering the liabilities; and also, government funds are excluded from the report survey. Which means, the largely populous countries have an advantage due to a higher population to be ranked higher in the report. This makes it understandable of why India has managed to get into the top 10 richest nations’ tally – alongside being a “growing economy”. More for India, the report has bullish future predictions for the country – making it one of the fastest growing wealth markets alongside Sri Lanka, Vietnam, China, Mauritius in coming years. Here’s why.
For India, the report highlighted the factors that can contribute in creating more wealth for the nation in coming years, such as – large number of entrepreneurs, good educational system, robust outlook for IT, outsourcing of business process, real estate, healthcare and media sectors. The report says that all these factors will help India grow by 200 per cent within 10 years. Globally speaking, currently there are a total of about 5.84 lakh multi-millionaires each with net assets of 10 million dollars or more and 2,252 billionaires, each with net assets of 1 billion dollars or more – making the total private wealth held worldwide amounts to around USD 215 trillion. This total wealth is expected to grow by 50 percent over the next decade, reaching 321 trillion dollars by 2027. By the way, where is all this wealth?