According to a report in New World Wealth magazine
, India is the seventh wealthiest country in the world.
The magazine states that India has a total individual wealth of $5,600 billion which is far ahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy ($4,400 billion), who featured 8th, 9th, and 10th on the list.
The United States meanwhile has topped the chart with a total individual wealth of $48,900 billion followed by China at second spot with $17,400 billion.
China was closely followed by Japan at 3rd position with a total individual wealth of 15,100 billion.
Other countries making the top 10 list are United Kingdom at 4th with $9,200 billion, Germany at 5th with $9,100 billion and France at 6th with $6,600 billion.
It must be noted that “wealth” in this list refers to net assets of a person which includes their assets less any liabilities.
The study was conducted based world data collected as of June 2016.