India is now the tenth richest country in the world ranked according to total individual wealth, according to a report by New World Wealth. India has seen a whopping 211% increase in its wealth over the last 15 years, leaving behind big economies like US, UK, Japan, France, Germany and Brazil. India has surpassed all but four other countries — Indonesia, China, Russia and Australia (Indonesia’s wealth increased by 362%, China’s wealth by 341%, Russia’s by 253% and Australia 248%) in terms of wealth increase over a decade and a half.
Total individual wealth implies the overall private wealth held by all the individuals in each country. The report stated India’s total individual wealth in 2015 stood at US$ 3,492 billion, while the United States, which topped the list, had a total individual wealth of $48,734 billion. Some of the major western countries have seen a marginal increase in their wealth over the last 15 years. In the case of Japan, wealth increased by a modest 39%, while as it increased by 41% for the US and 58% for the UK.
But, on a per capita basis, India does not do that well. It’s per capita wealth in 2015 is $2,800, compared with Switzerland’s $285,100, which topped the chart. India’s wealth per capita increased from $900 in 2000 to $2,800 in 2015.
However, if we rank India according to per capita wealth, it is placed last in the top 20 countries. According to the New World Wealth’s report on the wealthiest 20 countries in the world, when we look at per capita wealth, Switzerland is at the top spot with $285,100 per capita wealth followed by Australia ($204400), the US ($150600) and the UK ($147600).