India has risen one rung to the 126th spot in the International Monetary Fund's (IMF) ranking of countries based on their GDP per capita but remains at the bottom amongst the BRICS group. Interestingly, the US and UK do not figure among the top 10 on the list while Q tar stays put as the world's richest.
The data, which forms part of the latest World Economic Outlook report of the International Monetary Fund, ranks over 200 countries in terms of per capita GDP based on purchasing power parity (PPP). The actual purchasing power of a currency is the quantity of the currency needed to purchase a common basket of goods and services across countries.
PPP is determined in each country based on its relative cost of living and inflation rates. India's GDP per capita went up to $7,170 (Rs 4.66 lakh) in 2017 from $6,690 last year all the other BRICS countries are in the above $10,000 bracket. The US is ranked 13th with a GDP per capita of $59,500, while the UK is ranked even lower. The IMF list put Qatar on the top spot with a per capita GDP of $1,24,930, followed by Macao at the second position with $1,14,430 and Luxembourg third with $1,09,190.
Among the BRICS countries, Russia has a GDP per capita of $27,900, while for China, it stood at USD 16,620, Brazil at $15,500 and South Africa at $13,400. According to a Fortune magazine report based on the IMF data, several top-ranking countries such as Qatar and Brunei have oil and gas propelling their economies, while investment and strong banking systems have helped boost economic growth in other countries like Iceland and Ireland.
A recent Credit Suisse report has highlighted the fact that India is home to 2.45 lakh dollar millionaires with a total household wealth of $5 trillion. However, while wealth has been rising in India, not everyone has shared in this growth. There is still considerable wealth poverty as 92 per cent of the adult population has below $10,000, the report said.
The number of ultra rich in the country is expected to reach 3,72,000, while the total household income is likely to grow by 7.5 per cent annually to touch $7.1 trillion by 2022. Since 2000, wealth in India has grown 9.9 per cent per annum, faster than the global average of 6 per cent even after taking into account population growth of 2.2 per cent annually. Moreover, India's wealth growth of $451 billion represents the 8th largest wealth gain globally by a country.