Report ranks India 7th wealthiest country

 India has figured among the top 10 wealthiest countries in the world with a total individual wealth of $ 5,600 billion, while the United States topped the chart.

According to a report by New World Wealth, India was ranked 7th, 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.
According to their website, New World Wealth is a global wealth intelligence and market research company, providing customised services to wealth managers, family offices, real estate professionals, migration platforms and fund managers.

The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held.

The US is the wealthiest country in the world with a total individual wealth of
$ 48,900 billion, while China stood second and Japan third, with total individual wealth of $ 17,400 billion and $ 15,100 billion, respectively.The United Kingdom stands fourth with $ 9,200 billion.

Germany is 5th with $ 9,100 billion) followed by France (6th, $ 6,600 billion).
Wealth refers to net assets of a person and includes all their assets — property, cash, equities and business interests — the report said, adding that it excludes government funds from its figures.

India’s ranking is mainly because of its large population. “Australia’s ranking is impressive, considering it only has 22 million people living there,” the report explained.

Over the last five years, China was the fastest growing wealthiest country in terms of dollar-wealth growth.

On India, the report stated: “Australia and India also grew strongly, and India, Australia and Canada have just overtaken Italy over the past 12 months.”