India 6th wealthiest country, says report

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Economy GrowthIndia is the sixth wealthiest country in the world with a total wealth of $8,230 billion, according to the latest findings by the AfrAsia Bank Global Wealth Migration Review.

According to the report, the US currently 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.

In terms of the best-performing wealth markets between 2016 and 2017, India registered a wealth growth of 25 per cent – the fastest in the world, followed by Malta (22 per cent), and China (22 per cent). Most of the top performing countries were boosted by strong stock market gains during the year, the report noted.

Other countries in the top 10 wealthiest list include the United Kingdom, Germany, Australia, Canada, France and Italy.

The report further noted that during 2007 to 2017, total wealth held in France, the UK and Italy have declined. “It should, however, be noted that this period takes into account the global financial crisis in 2008 which damaged wealth numbers in most countries”, stated the report.

Forecasting for the future, the fastest growing wealth markets in 2017-2027 are expected to be India, Sri Lanka, Vietnam, China and Mauritius, says the report, maintaining that India is likely to register a growth of 200 per cent, followed by China (180 per cent). Compared to developing nations, the report states that countries such as US and United Kingdom are expected to register a relatively lesser growth rate of 20 percent and 10 per cent respectively.

As per the report, in coming times the factors that would be instrumental in wealth creation in India include, large number of entrepreneurs, good educational system, robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors.

Global wealth is expected to rise by 50 per cent over the next decade, reaching 321 trillion dollars by 2027.

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