India Ranked 7th Wealthiest Nation of The World; Beats Australia, Canada In Wealth Creation
Wealth creation by Indians is refusing to slowdown. As per latest figures till June, 2016, Indians successfully created more wealth than developed countries like Australia, Canada and Italy.
As per latest ranking released by New World Wealth, India is right now world’s 7th most wealthiest country based on the individual assets of their citizens.
Note here, that this ranking has not been calculated as per the current GDP of individual countries; rather, per capita wealth has been found out, which includes data such as: income distribution data across the nation; stock exchange statistics; residential property market details; wealth created by high net worth individuals of the country.
As per New World Wealth, such method of finding out wealth of citizens from a particular country is far more effective than calculating GDP which does not take into account stock market and property rate data.
By this measure, USA is the wealthiest country of the world, with $48,900 billion in possession of their citizens. China, with $17,400 billion is at #2 while Japan is at #3 position with #15,100 billion wealth of their citizens.
United Kingdom has dropped their ranking to be placed at #4 with $9200 billion individual wealth, while Germany and France are at #5 and #6 positions.
India is placed #7 with $5600 billion wealth of their citizens; Canada is ranked #8 and Australia is ranked #9. Italy is placed at #10 with $4400 billion wealth of their citizens.
Wealth here has been described as the net assets of an individual, which includes all assets such as cash, property, equities, business ventures less any liabilities. Govt. funds have been excluded from this calculation.
Total wealth is the number which denotes wealth accumulated by citizens of that country. Hence, for India, the report estimates that total of $5600 billion is accumulated by the citizens of India.
If we take into account wealth per capita, or wealth which is accumulated by an average citizen of a country, then Monaco is at #1 position with $1.55 million wealth per capita. Interestingly, out of 40,000 people living in Monaco, 2200 citizens are worth $10 million or more.
Liechtenstein is at #2 with $610,000 wealth per capita, while Switzerland is at #3 with $284,000 accumulated by an average citizen. The top three countries with highest per capita wealth are tax havens, and is synonymous with tax free wealth, luxury and fame.
USA is placed at #8 with $151,000 in possession of an average citizen; meanwhile the only Asian country in this list is Singapore, where an average citizen is worth $157,000.
The report praises China for being the fastest wealth growing country in this ranking, for the past 15 years and also mentions Australia’s dramatic rise, considering that only 22 million reside there.
You can view the entire report here.