India among 10 rich countries but average Indian quite poor: Report

NEW DELHI: India has been ranked among the 10 wealthiest countries globally with total individual wealth of $5,200 billion, but this is largely owing to its large population, a report said, adding that on a per capita basis, the average Indian is "quite poor".

According to the report by New World Wealth, India has been ranked seventh in the list of top 10 wealthiest countries in the world, which was topped by the United States with total individual wealth of $48,700 billion.

"India only makes the W10 (10 wealthiest) due to its large population. On a per capita basis, the average Indian is quite poor," the report said, adding that over the past 15 years the country grew "strongly".

" China was the fastest growing W10 country over the past 15 years (2000-2015). Australia and India also grew strongly," it said.

Moreover, India has overtaken Italy this past year. Australia and Canada are expected to overtake Italy in the next couple of years.

Other countries in the top five list are China in the second position with a total individual wealth of $17,300 billion, Japan (3rd, $15,200 billion), Germany (4th, $9,400 billion) and United Kingdom (5th, $9,200 billion).

The other nations in the list include France at the 6th place with total individual wealth of $7,600 billion, Italy (8th, $5,000 billion), Canada (9th, $4,800 billion) and Australia (10th, $4,500 billion).

"Australia's ranking is impressive considering it only has 22 million people living there," the report said.

'Total individual wealth' refers to the private wealth held by all the individuals in each country.

The report defines 'wealth' as the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures.