The report finds that global wealth rose by 12% in 2017 (from US$192 trillion in 2016 to US$215 trillion at the end of 2017), with India the best performing wealth market at 25%.
Over the next decade the report says global wealth will be driven largely by Asia, particularly from India, which has a large number of entrepreneurs, a good educational system and English speakers. It forecasts strong growth in local financial services and IT.
Cities to look out for include Pune, India, Hyderabad, Bangalore, Mumbai, Delhi and Kolkata.
Bombay Stock Exchange building, in Mumbai, India, 02 December 2014. Source: AAP
Mumbai ranked 12th amongst the report's top 15 wealthiest cities, with total wealth held in the city amounting to US$950 billion. The Bombay Stock Exchange (BSE), ranks as the 12th largest stock exchange in the world.
Rankings
According to the report, the US remains the wealthiest country in the world with a total wealth of $62,584 billion. India has a total wealth of $8,230 billion.
China is the second wealthiest country with a total wealth of $24,803 billion, followed by Japan ($19,522 billion). "Total wealth" refers to “the private wealth held by all the individuals living in each country,” according to the report.
“It includes all their assets (property, cash, equities, business interests) less any liabilities. We exclude government funds from our figures. Larger countries have an advantage due to higher populations,” the report reads.
A stock ticker shows a negative trading session for Indian company Reliance as it displays closing figures for the Sensex Index on the Bombay Stock Exchange. Source: AAP
The UK has been ranked fourth with a total wealth of $ 9,919 billion, followed by Germany ($9,660 billion). Australia is ranked at number seven. It has a total wealth of $6,142 billion. Canada ($6,393 billion) is at number eight followed by France ($6,649 billion) and Italy ($4,276 billion).
The report suggests that wealth held in China, India, USA, Japan and Australia all grew strongly over the past year whereas total wealth held in France, the UK and Italy have declined.
Wealth in India has increased by 160% over the period of ten years between 2007 and 2017. It has been estimated that India will leave the UK and Germany behind by 2027 to become the fourth wealthiest country.
Australia’s high total wealth ranking is impressive when considering it only has 22 million people living there.
