India has been ranked the sixth wealthiest country across the world by the AfrAsia Bank. The total wealth of India has been pegged at USD 8,230 billion, as per the AfrAsia Bank Global Wealth Migration Review.
The ‘total wealth’ of each country refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities.
According to the review, the US is the wealthiest country in the world with a total wealth of USD 62,584 billion, followed by China at the second place with USD 24,803 billion and with Japan at the third place with a collective wealth of USD 19,522 billion.
Factors like good educational system, robust outlook for Information Technology, business process outsourcing, real estate, healthcare and media sectors will help India in a 200 per cent rise 10 year wealth growth forecast, according to the report.
In the coming decade, China is expected to witness a significant rise in total wealth to USD 69,449 billion by 2027, while the wealth of the US would be around USD 75,101 billion. Global wealth is expected to rise by 50 per cent over the next decade, reaching USD 321 trillion by 2027. The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China, Mauritius, the report said.
Globally, the total private wealth held worldwide amounts to around USD 215 trillion and there are around 15.2 million High-net-worth individuals in the world, each with net assets of USD 1 million or more.
The report further states that there are about 584,000 multi-millionaires in the world, each with net assets of USD 10 million or more and 2,252 billionaires in the world, each with net assets of USD 1 billion or more.
Over the next 10 years, Australia is expected to overtake Canada and gain significant ground on Germany and the UK. India will become the 4th largest wealth market worldwide by 2027.