India stands seventh in the list of top 10 wealthiest countries in the world. In the report, made by New World Wealth, the United States stood at the top with a total individual wealth, and India came seventh with $5,600 billion, 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. The US is the wealthiest in the world in terms of total individual wealth held ($48,900 billion) while China ($17,400 billion) stood second and Japan third with $15,100 billion, United Kingdom fourth with $9,200 billion, followed by Germany with $9100 billion. The wealth refers to net assets of a person, including property, cash, equities, business interests. The ranking of India comes mainly due to its large population.
The report said, "Australia's ranking is impressive, considering it only has 22 million people living there. Over the past 5 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.” The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held.
