India is poised to be the fourth wealthiest country in the world with total wealth of $24,691 billion by 2027, says a report released by New World Wealth.
The report states that India will be the fastest growing among top 10 countries, growing at a massive rate of 200% in 10 years. Currently, India is the sixth wealthiest country with a total wealth of $8,230 billion.
Strong growth in financial services, IT, business process outsourcing, real estate, healthcare and media sectors will pave the way for India’s growth, the report states. A large number of entrepreneurs, good educational system and the widespread use of English will also boost India’s wealth, the report says.
In the last 10 years, India was the second fastest growing economy among the top 10 countries, with a growth rate of 160% between 2007 and 2017.
India is also the best performing wealth market in the past one year at 25% on the back of strong stock market gains.
Total wealth refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report has excluded government funds.
The other countries that will witness rapid increase in wealth are China (180%) and Australia (70%), the report says.
It also mentions some of the major risks that these top 10 countries may face in the future. It includes rising pension obligations, religious tensions and public healthcare costs.
New World Wealth is a global market research group, based in Johannesburg, South Africa. They specialise in ratings, surveys, country reports and wealth statistics.
