India is world's 6th richest country in terms of private wealth

India is the sixth wealthiest country in the world with a total wealth of $8,230 billion, while the US is the richest nation globally, says a report from the the AfrAsia Bank.

According to the AfrAsia Bank Global Wealth Migration Review, the US is the wealthiest country in the world with a total wealth of $62,584 billion, followed by China at $24,803 billion and Japan in the third place with $19,522 billion, PTI reports.

Total wealth refers to the private wealth held by all the individuals living in each country. It includes all their assets (property, cash, equities, business interests) less liabilities. Government funds are excluded from the figures.

Larger countries have an advantage due to higher proportion of the rich.

Other countries in the top 10 wealthiest list include the UK ($9,919 billion), Germany ($9,660 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($4,276 billion).

Factors that will help in wealth creation in India include the large number of entrepreneurs, good educational system, and robust outlook for IT, business process outsourcing, real estate, healthcare and media sectors, which will result in a 200 per cent rise in the 10-year wealth growth forecast, according to the report.

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 US would be around $75,101 billion.

The total privately wealth held worldwide amounts to around $215 trillion.

There are around 15.2 million high net worth individuals (HNWIs) in the world, each with net assets of $1 million or more. There are about 584,000 multi-millionaires in the world, each with net assets of $10 million or more, and 2,252 billionaires in the world, each with net assets of $1 billion or more, the report added.

Over the next 10 years, Australia is expected to overtake Canada and gain significant ground, while India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027.

Global wealth is expected to rise by 50 per cent over the next decade, reaching $321 trillion by 2027. The fastest growing wealth markets are expected to be Sri Lanka, India, Vietnam, China, and Mauritius, the report said.