India 6th wealthiest country with $8,230 billion; saw 25% jump in net worth last year: Report
BusinessToday.in January 30, 2018
India may be among the poorest countries in the world with one in three people on this planet living here, but it is certainly a place for rich. The richest 1 per cent lot in India owns 73 per cent of the wealth generated in the country in 2017, this year's Oxfam survey revealed. Notwithstanding the income inequality, India has made it to the sixth spot with total wealth of $8,230 billion, in a list of top 10 wealthiest nations, according to a report by New World Wealth.
Not only that, the country is on the third spot in terms of resident billionaires with 119 individuals in the list. The report says India's wealth took a sharp jump of almost 25 per cent in 2017 as compared to 2016 when its net wealth was around $6,584 billion. Rated as best performing market globally, India has 3.3 lakh HNWIs (high-net-worth individuals), ninth highest in the world, while the country has 20,730 multi-millionaires, which is seventh largest.
"In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23 per cent and the Dow Jones (DJIA) was up 26 per cent during the year (in USD terms)," the report said, adding "wealth held in China, India, USA, Japan and Australia all grew strongly over the past year".
US, China, Japan wealthiest nations
Overall, the United States has retained the first spot with the total wealth of $64,584 billion in 2017, followed by China with $24,803 billion and Japan with $19,522 billion at third.
The country-wise total wealth refers to the private wealth held by all individuals living in each country/city, and include their properties, cash, equities, business interests, less any liabilities. The report, however, excludes government funds from its figures.
Others top 10 wealthy nations are United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).
In terms of yearly jump as compared to the previous year, China saw 22 per cent rise in the overall wealth in 2017, while overall global wealth grew by 12 per cent. The US topped the list with 50,47,400 high-net-worth individuals.
67cr Indians saw 1% rise in wealth
Over 67 crore Indians comprising the populations poorest half saw their wealth rise by just 1 per cent, as per the survey released by the international rights group Oxfam. The last year's survey had showed that India's richest 1 per cent held a huge 58 per cent of the country's total wealth -- higher than the global figure of about 50 per cent. This year's survey also showed that the wealth of India's richest 1 per cent increased by over Rs 20.9 lakh crore during 2017 -- an amount equivalent to total budget of the central government in 2017-18, Oxfam India said.
With inputs from PTI