India climbs to 7th in the list of wealthiest nations in the world

India has made its way to 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 a report by New World Wealth, India was ranked seventh, ahead of Canada ($4,700 billion), Australia ($4,500 billion) and Italy ($4,400 billion), which took the eighth, ninth and tenth slots respectively. 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.

Others in the top 10 club include the United Kingdom (4th) with a total individual wealth of $9,200 billion, followed by Germany ($9,100 billion) and France ($6,600 billion). Wealth refers to the net assets of a person or collective. It includes all their assets (property, cash, equities, business interests) less any liabilities, the report said, adding that it excludes government funds from its figures. The ranking of India as one of the top 10 wealthiest countries in the world is largely because of its large population.

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

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Over the past five years, China was the fastest growing country in terms of dollar wealth growth.

Australia and India also grew strongly, and India, Australia and Canada have just overtaken Italy over the past 12 months, the report stated.

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The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held. In 2015, India ranked 10th in the world in terms of private wealth held by individuals. India's per capita wealth grew from $900 in 2000 to $2,800 in 2015, a jump of 211 percent.