A new report gives an insight into the world’s wealthiest countries of the future, with India top of the list for wealth creation, and predicts that China will be within “touching distance of America within 10 years.
The Global Wealth Migration Review 2018, published by AfrAsia Bank, measures countries by their total private wealth rather than GDP. According to the report, the world’s private wealth rose 12% in 2017 to $215tn (from $192 trillion at the end of 2016).
In terms of wealth creation, China is second only to India at 22% in the list of best-performing markets.
Compiling current and predicted wealth trends, the report forecasts that India will leapfrog Germany and Britain to emerge as the world’s fourth wealthiest country by 2028, based on a 200% growth rate over the next 10 years. The report values its potential private wealth at $24.69tn.
India, Asia’s third largest economy, currently ranks sixth wealthiest in the world, and yet is number one in the report’s list of Best Performing Wealth Markets with a current growth of 25% to $8.23tn.
Today, the US is the wealthiest country in the world at $62.58tn, followed by China ($24.80tn), Japan ($19.52tn), the UK ($9.91tn), Germany ($9.66tn), India ($8.23tn), France ($6.64tn), Canada ($6.39tn), Australia ($6.14tn) and Italy ($4.27tn) forming the top 10.