The New World Wealth report proves without doubt that the fundamentals of Indian economy are strong.  India ranks sixth among the wealthiest countries, says the latest report.  According to the report, the total wealth of India is $ 8,230 billion as at the end of year 2017.

India with 3,30,400 HNWIs (high net-worth individuals) ranks nine in the list of HNWIs. Those individuals with $ 1 million or more are counted to prepare this list. The US is the topper in the list too with 50,47,400 HNWIs.  India can also boast of seventh position in the list of multimillionaires with 20,730 Indians finding place in this list. In this list, India is in third position after the US and China.  With consistent performance, India is predicted to be a $10 trillion country by 2030. 

The five nations that are ahead of India in the list of total wealth are the United States ( $ $64,584 billion), China ( $24,803 billion), Japan ($19,522 billion), United Kingdom  ($9,919 billion) and Germany ($ 9,660 billion).  France ($6,649 billion), Canada ($6,393 billion), Australia and Italy are in the top 10 list, but  behind India. 

Total wealth is arrived at by  considering the net-worth of individuals living in a country. The private wealth of all individuals in assets  like  property, gold, cash, investment in shares,  business etc  are assessed and from this their liabilities are deducted to calculate total wealth. Government funds are ignored in this calculation.  

The strong global stock markets helped the top nations in the list to increase their wealth.  The stock markets in India, China, Japan, USA and Australia performed extremely well in 2017. 

India registers consistent performance in wealth creation

India recorded the best performance in wealth creation with a growth of 25% and the wealth rose from $6,584 billion to $8,230 billion, in a year. The world average was 12%. Total wealth of the globe is estimated to be $215 trillion in 2017 compared to the $192 trillion in the previous year.  

India has registered a growth of 160% during the last decade. Total wealth of India was  $3,165 billion in 2007. India changed to the fast track growth after the economic reforms initiated in 1991. In that year, India opened up the economy to save the country from the foreign exchange (forex) crisis.  From the position of just  5.8 billion dollar under forex reserves, India has now reached a position of  $ 420 billion.