According to a report by New World Wealth, India has figured among the top 10 wealthiest countries in the world. While India stood at the 7th place with a total individual wealth of $5,600 billion, United States topped the chart with total individual wealth of $48,900 billion.
China stood second and Japan stood third, with a total individual wealth of $17,400 billion and $15,100 billion, respectively. Other countries, 4th – 6th include United Kingdom, followed by Germany and France.
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 ranking of India is largely credited to its enormous population. “India only makes the W10 (10 wealthiest) due to its large population. On a per capita basis, the average Indian is quite poor,” the report said, adding that over the past 15 years the country grew “strongly”.
According to World Bank data India’s gross per capita national income in 2015 stood at $6,020, ranking it 120 out of 216 countries. India’s per capita income in 2015 in terms of purchasing power parity (PPP) ranks it at 151.
The report defines ‘wealth’ as the net assets of a person, including the net assets such as the property, cash, equity, business interests, minus the liabilities. The report also excludes government funds from its figures.
by Ashwani Srivastva