India ranks 7th richest country in 2016 New World Wealth list

India is the seventh richest country in the world with a total wealth of $5.6 trillion ($5,600 billion) according to the latest ranking by New World Wealth where the United States continues at the top with a total wealth of $48.9 trillion ($48,900 billion), followed by China and Japan.

United Kingdom with total wealth of $9.8 trillion ($9,200 billion), Germany with total wealth of $9.1 trillion ($9,100 billion) and France with total wealth of $6.6 trillion ($6,600 billion) take the 4th, 5th and 6th places.

India, at 7th position, ranks ahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy ($4,400 billion), which comes in at 8th, 9th and 10th slots, respectively, according to a report by New World Wealth.

''The US is the wealthiest in the world in terms of total individual wealth held ($48,900 billion) while China stood second and Japan third, with total individual wealth of $17,400 billion and $15,100 billion, respectively,'' the report said.

India's ranking as one of the wealthiest countries in the world is largely because of its population.

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

The growth of wealth in dollar terms has been the highest for China making it the fastest growing wealthiest country over the past 5 years.

The New World Wealth report said major economies continued to dominate the global ranking of the richest countries, with one nation's private fortunes jumping by $200 billion in six months alone.

The report ranked different countries on the basis of total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016. 

At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.

Analysts are impressed by Australia's showing in the top ten, considering that the country only has 22 million people living there.  The country, as well as Canada, has also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.

In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot.  As of June 2016, the average person in Monaco, a known tax haven, owns $1.6 million in wealth, the highest in the world. New World Wealth said the high average of wealth of Monaco's residents can be attributed to the country's tax-free regime.

Liechtenstein, another tax haven, came second on the list, with the average wealth per capita standing at $610,000. Taking the third spot is Switzerland, with per person wealth at $284,000, followed by Australia ($203,000) and Norway ($193,000).

The remaining five places in the top ten went to Luxembourg ($179,000), Singapore ($157,000), United States ($151,000), United Kingdom ($147,000) and Sweden ($143,000).

Countries ranked by total individual wealth, 2016 ($ billion)

United States              48,900

China                          17,400

Japan                          15,100

United Kingdom          9,200

Germany                     9,100

France                         6,600

India                            5,600

Canada                        4,700

Australia                       4,500

Italy                              4,400

Source: New World Wealth