As per the AfrAsia Bank Global Wealth Migration Review, India is the sixth wealthiest country in the world with a total wealth of $8,230 Bn. The US is at the top of the list as the richest country in the world with a total wealth of $62,584 Bn. Followed by China with $24,803 Bn at the second place and Japan with $19,522 Bn at the third place.
And in the coming decade, China is expected to witness a significant rise in total wealth to $69,449 billion by 2027, while the wealth of the U.S. would be around $75,101 billion.
Other countries in the list includes the UK $(9,919 billion), Germany ($9,660 billion), India ($8,230 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($4,276 billion). As per the report, there are about 5,84,000 multi-millionaires in the world, each with net assets of $10 Mn or more and about 2,252 billionaires, each with net assets of $1 billion or more. Also, there are about 15.2 million high net-worth individuals in the world, each with net assets of $1 million or more. While the total private wealth held worldwide amounts to around $215 Trillion, India has a fair share of a total wealth of $8,230 Bn.
Besides strong growth forecast in sectors like information technology, business process outsourcing, real estate, healthcare and media, factors like a large number of entrepreneurs and a good educational system has contributed to wealth creation in India.
These factors will further continue to make an impact to make India, the fourth largest wealth market worldwide by 2027, overtaking Germany and the U.K. Earlier, India’s richest have belonged to prominent business families like the Tatas, Birlas, and Ambanis, however, self-made individuals now comprise more than two-thirds of the country’s billionaire cohort. Currently, India is home to the third-highest number of billionaires in the world at 119 including entrepreneurs like Vijay Shekhar Sharma (Founder, Paytm), who is India’s youngest billionaire.
Further, six of the Ten Asian Cities that will drive global wealth growth, as per AfrAsia Review, are in India and include, Mumbai, Bangalore, Pune, Delhi, Hyderabad and Kolkata.
According to the report, the global wealth is expected to rise by 50 percent over the next decade, thus reaching $321 trillion by 2027. And countries like Sri Lanka, India, Vietnam, China and Mauritius are expected to be the fastest growing wealth markets.
(The total wealth includes assets—property, cash, equities, and business interests—less any liabilities.)