Hyderabad: India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion while the United States topped the chart.
According to a report by New World Wealth, 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 US is the wealthiest in the world in terms of total individual wealth held ($48,900 billion) while China stood second and Japan third, with total individual wealth of $17,400 billion and $15,100 billion, respectively.
Others in the top 10 club include the UK (4) with a total individual wealth of $9,200 billion, followed by Germany (5th, $9,100 billion) and France (6th, $6,600 billion).
Wealth refers to net assets of a person. It includes all their assets (property, cash, equities, business interests) less any liabilities, the report said adding that it excludes government funds from its figures.
The ranking of India as one of the top 10 wealthiest countries in the world is largely because of its large population. On per capita basis, the average Indian individual has net assets of approximately $4,200. This means each Indian owns wealth of Rs 2.81 lakh, which isFsc not a big figure by any standard as this amount can’t even buy a house for anywhere in India.
In terms of wealth held per person, European countries dominated the global rankings, with Monaco, a known tax haven, taking the number one spot. As of June 2016, the average person in Monaco owns $1.6 million in wealth, the highest in the world.
However, India is witnessing a steady rise in high-networth individuals. “There are approximately 236,000 HNWIs living in India, with a combined wealth of $1.5 trillion,” the report said.
If we want to put this figure in perspective, $1.5 trillion wealth owned by Indian super rich is more than a year’s output of countries like Canada, South Korea, Australia, Spain, etc. “During the review period (2007 - 2015), Indian HNWI volumes increased by 55 per cent from approximately 152,000 HNWIs in 2007 to 236,000 HNWIs in 2015.”
