In another tale of Indian economic reforms bearing fruit, India has become the world’s sixth wealthiest nation with a private wealth of $8,230 Billion. India has topped the list of “best-performing wealth markets” while Pakistan leads the worst performing wealth market list according to a report according to the AfrAsia Bank Global Wealth Migration Review 2018.
India grew at a rate of 25% TO $8.23 trillion while the world average rose around 12% from the 2016’s $ 192 trillion. Pakistan has suffered a decline of 10% per annum in 2017 along with Nigeria. Uncertain political and economic environment has deterred investors from investing in Pakistan.
The said report also forecast that India will continue to have this growth culminating in 200 percent over the next ten years. It also predicts that India will become the fourth wealthiest nation in the world, overtaking the United Kingdom and Germany with a private wealth of $24.69 Trillion.
The US is the wealthiest country in the world with a total wealth of $62,584 billion, followed by China ($24,803 billion) at the second place and Japan ($19,522 billion) at the third place. The others in the top 10 list include the UK ($9,919 billion), Germany ($9,660 billion), India ($8,230 billion), Australia ($6,142 billion), Canada ($6,393 billion), France ($6,649 billion) and Italy ($ 4,276 billion).
The report defines total wealth as private wealth that is held by all the individuals living in the nation. The report excludes government funds from the calculated sums. The individual’s assets including equity, cash and property and business interests are also calculated.
Pakistan has been bearly making ends for quite some time now. It is sustaining on Chinese loans which are forcing them into an effective debt-trap.