India has been included in the top 10 wealthiest countries in the world with a total individual wealth of $5,600 billion while the United States topped the chart.
According to New World Wealth report, India was ranked 7th ahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy ($4,400 billion), which came in at 8th, 9th and 10th positions, respectively.
The US is the richest in the world in terms of total individual wealth held ($48,900 billion) with China second and Japan stood third, with total individual wealth of $17,400 billion and $15,100 billion, respectively.
Others in the top 10 are United Kingdom (4) with a total individual wealth of $9,200 billion, Germany (5th, $9,100 billion) and France (6th, $6,600 billion).
Wealth refers to net assets of a person. It comprises of all their assets (property, cash, equities, business interests) less any liabilities, the report said.
The ranking of India as one of the top 10 wealthiest nations is mainly because of its large population.
"Australia's ranking is impressive, considering it only has 22 million people living there," the report explained.
Over the last 5 years, China was the fastest growing wealthiest country in terms of dollar wealth growth.
On India, the report stated, "Australia and India also grew strongly and India, Australia and Canada have just overtaken Italy over the past 12 months."