India ranked sixth among wealthiest countries, total wealth $8,230 billion.


sqrrl blog-India ranked 6th richest

Cool title, but what’s the news?

A report by New World Wealth finally gave all of us a reason to be proud! Our country stands sixth in the list of richest countries. The total wealth of India is $8,230 billion. Moreover, United States stood up to be a victorious first in the list, being the wealthiest country in the world. Total wealth of United states was counted to be $64,584 billion, in 2017.

The second place was bagged by China, with a total wealth of $24,803 billion. Also, Japan stood third with $19,522 billion of wealth.


? Okay, so what does it mean? 

You could say it means that India is finally regaining its position among top countries. Also, you would be curious to know that how is the total wealth calculated? Total wealth of a country, refers to the personal wealth held by all the people living in the country. It includes all their assets(cash, property, equities, business interests) less any liabilities. However, the reports do not include the Government’s fund in its figures.

“Others in the list include United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).”

 


? I get it, now tell me why should I care?

The bigger picture:

This isn’t all. The reports also stated that India was best performing wealth market globally in 2017. It was because its total wealth escalated from $6,584 billion in 2016 to $8,230 billion in 2017. This registered a 25% growth.

Other countries are in the race too. In the same period, China’s wealth witnessed a rise of 22 per cent and global wealth increased by 12 per cent. They swelled up from $192 trillion at the end of 2016 to $215 trillion at the end of 2017. Quite a lot of figures? Well, here’s more. In the past ten years (2007-2017), India’s total wealth multiplied from $3,165 billion in 2007 to $8,230 billion in 2017. This was a whopping jump of 160%!

For you personally:

The report additionally mentioned some more details about India. Our country is home to 3,30,400 HNWIs. HNWIs, or High Net Worth Individuals, are those individuals who hold $1 million or more in total assets.

On an international level, India secured the 9th position in this aspect. Moreover, the US again bagged the 1st position with 50,47,400 HNWIs. India stood 7th globally, in being home to multi-millionaires, with a total count of 20,730 multi-millionaires. Moreover, in terms of resident billionaires, India was named among the top three countries globally. After US and China, India proudly stood third with 119 billionaires. For the information, A billionaire is defined as an individual with $1 billion or more in net assets.

Overall, it had been a good year for all W10 (wealthiest 10) market. Here, the credit goes to strong global stock market gains. Some say India owes this to our current PM Modi, while some just prefer to not give anyone credit and enjoy India’s success. For us, it is a good news that our country is shining globally. Let’s be proud!

Source: Times of India


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Written by

Vedant Kaushik