May 26, 2018:

Despite stark instances of income inequality, India as a whole has managed to create and accumulate enough wealth over the last few years to barge into the club of the World's wealthiest nations at 6th Rank.

India has been ranked Sixth in the list of wealthiest countries with total wealth of USD 8,230 billion, while the United States topped the chart, says a report.

Richest 1 percent bagged 73 percent of wealth created last year - poorest half of India got only 1 percent.

Globally, 82 percent of the wealth generated last year went to the richest one percent of the global population, while 3.7 billion people that account for the poorest half of the world saw no increase in their wealth.

According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to USD 64,584 billion, followed by China at the second place with USD 24,803 billion and Japan with USD 19,522 billion at third.

Total wealth, refers the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.

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

The report further noted that India was the best performing wealth market globally in 2017 as its total wealth swelled from USD 6,584 billion in 2016 to USD 8,230 billion in 2017, registering a 25 per cent growth.

Meanwhile, during the period under consideration China's wealth saw an increase of 22 per cent and global wealth rose by 12 per cent (from USD 192 trillion at the end of 2016 to USD 215 trillion at the end of 2017).

 

Source ET

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