Weekly Current Affairs

India on 10 wealthiest countries list, takes 7th spot [Economy]

  • India is the seventh wealthiest country in the world. It figures among the 10 wealthiest countries, with a total individual wealth of $ 5,600 billion.
  • According to a report by New World Wealth, India is ranked seventh, 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 U.S 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 USD 15,100 billion, respectively.
  • Others in the top 10 club include the United Kingdom (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.
  • Australia’s ranking is impressive, considering it only has 22 million population.
  • Over the past 5 years, China was the fastest growing wealthiest country in terms of dollar wealth growth.
  • The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held.