India Sixth Wealthiest Country With Total Wealth of $8,230 Billion [REPORT]

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Wealth has been a yardstick to measure the financial health of an economy and while, GDP imposes certain limitations, wealth defies them, making it a better gauge for many research organizations. AfrAsia Bank Global Wealth Migration Review 2018 provides the full-length drift of worldwide wealth and wealth migration trends over the past 10 years, with projections for the next 10 years.  As per these reports, India positions itself as world’s sixth wealthiest country with a private wealth that, amounts to $8,230 billion. India tops the “Best Performing Wealth Markets” with a growth of 25% YoY in 2017 to $8.23 trillion.

The global wealth saw a new ball-game when it rose from $192 trillion in 2016 to $215 trillion in 2017, which can be counted as a whopping rise by 12% in 2017.

 

The report also provides an outlook that India can witness a growth of 200% over the next 10 years; fast enough to become world’s fourth wealthiest country with the private wealth of $24.69 trillion, shooting ahead of the UK and Germany.

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Surmising the No-Frills Wealth Analysis

The total private wealth worldwide amounts to around $215 trillion. High net worth individuals (HNWIs) amounts to 15.2 million in the world, each with net assets of $1 million or more.

According to the report, the United States is currently the wealthiest country in the world with a total wealth of $62,584 billion, followed by China ($24,803 billion) and Japan ($19,522 billion).

Play-by-play Summary:

  • There are about 5,84,000 multi-millionaires in the world, each with net assets of $10 million or more and 2,252 billionaires in the world, each with net assets of $1 billion or more.
  • In India, HNWIs account for 48% of the country’s wealth. However, ideally, the ratio should be less than 30%, as per reports. Herein, the acquisition of 40% country’s wealth by HNWIs gives a trifling space to the meaningful middle class.
  • Mumbai has total wealth pegged at $950 billion and finds itself as the world 12th wealthiest city. One prominent economic hub of the country, it is home to the 12th largest stock exchange ‘Bombay Stock Exchange’.
  • The big 7 wealth markets in Asia, also known as the “Asia7”, are in prospect to perform well in terms of wealth growth over the next 10 years.

  • The report puts an accent on the need of a good educational system and a firm outlook for the IT, Business process outsourcing, real estate, healthcare and media sectors that will certainly stoke up the wealth multiplication in India.
  • There’s an inverse relationship between the population density and wealth figures. According to the report, low population densities such as Canada and Australia are some of richest countries in the world on a wealth per capita (wealth per person) basis, whereas densely populated countries such as Nigeria, Ethiopia, Bangladesh and Pakistan are some of the poorest.
  • India positions itself at the seventh rank, considering the number of resident multi-millionaire which amounts to 20,730 while stands fourth with the number of billionaire residents to be 119.
  • With a close correspondence of 92% between historic wealth growth and woman safety levels, Security of the feminine gender is one of the best ways to gauge a country’s long-term wealth growth potential. However, it’s bitter to note that, despite the horned-in importance of woman safety, India fails to mark its subsistence among the Top 10 Safest Countries for Women.

Taking insights as known, the reports claim that global wealth is expected to rise by 50% over the next decade, reaching $321 trillion by 2027.

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