India continues to excel in the art of wealth creation. Thanks to an unprecedented surge in domestic stock markets and increase in high-end salaries, India is now ranked sixth in the list of wealthiest countries with a total wealth of $8.23 trillion, according to a report by New World Wealth.
The report has crowned the US as the wealthiest country in the world. Its total wealth amounting to $64.58 trillion in 2017, followed by China with $24.8 trillion and Japan with $19.5 trillion. Interestingly, India has been the best-performing wealth market globally in 2017 as its total wealth swelled from $6.6 trillion in 2016 to $8.2 trillion in 2017, registering a 25% growth.
What is surprising is that the country, which is struggling with most other parameters of social development, is ahead of many other developed countries such as France (at seventh position with $6.65 trillion), Canada (8th, $6.4 trillion) and Australia (9th, $6.14 trillion).
India, home to 119 billionaires (third largest in the world) and 20,730 multi-millionaires, has seen its total wealth balloon from $3.2 trillion in 2007 to $8.2 trillion in 2017, a jump of 160%, during the past decade (2007-2017). As local stock markets continue their northward march, India is likely to produce more super-rich individuals in 2018.
