WASHINGTON (dpa-AFX) - The United States is the richest country in the world with a total wealth of $62,584 billion, says a report.
AfrAsia Bank published its Global Wealth Migration Review ranking nations based on their 'total wealth,' which refers to the private wealth held by all the individuals living in each country.
U.S. is followed by China ($24,803 billion) and Japan ($19,522 billion). Other countries in the top 10 wealthiest list in the order of ranking are Britain ($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).
Wealth held in China, India, USA, Japan and Australia all grew strongly over the past year. In general it was a good year for all W10 markets thanks to strong global stock market gains - the MSCI world index was up 23 percent and the Dow Jones (DJIA) was up 26 percent during the year.
The W10 is expected to have the same 10 countries in it in 2027, the report says.
Rising pension obligations, rising religious tensions, and rising public healthcare costs are cited as major risks facing W10 countries in the future.
Small financial hubs such as Monaco and Liechtenstein top the list of countries by per capita wealth.
Global wealth rose by 12 percent in 2017. India was the top performing wealth market in the world, marking 25 percent growth over the past year.
Pakistan and Nigeria were the worst performing wealth markets in the world over the past year.
The report also presents some interesting global wealth statistics:
Total private wealth held worldwide amounts to $215 trillion. An average individual has net assets of $28,400 (wealth per capita). There are 15.2 million millionaires in the world and the number of multi-millionaires is estimated at 584,000. There are 2,252 billionaires in the world.
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