US tops the list with $48,900 billion.
India has been ranked seventh in the list of top 10 wealthiest countries in the world released by global wealth intelligence and market research company New World Wealth.
According to the report, India has been ranked seventh on the list with a total individual wealth of $5,600 billion.
The list is topped by the United States with a total individual wealth of $48,900 billion followed by China, and Japan with $17,400 billion and $15,100 billion, respectively.
According to the report, India is ahead of Canada ($4700 billion), Australia ($4500 billion), and Italy ($4400). UK ($9200 billion), Germany ($9,100 billion), and France ($6,600 billion) stood fourth, fifth, and sixth respectively in the list.
The study took into account the total individual wealth held by countries as on June 2016. Total individual wealth refers to the private wealth held by all the individuals in each country.
Wealth includes all the assets of individuals (property, cash, equities, business interests) less any liabilities and excludes government funds.
Indiaâ€™s ranking in the list is mainly owing to the large population it has. The report noted that India, Australia, and Canada have just overtaken Italy over the past 12 months. â€œAustraliaâ€™s ranking is impressive considering it only has 22 million people living there,â€ said the report.
Three Asian countries and four European countries have been featured in the top 10. China registered the fastest growth over the past 15 years.
As per the average wealth held by a person, tax havens such as Monaco and Liechtenstein top the list of countries with highest per capita wealth. An individual in these countries hold a wealth of $1,556,000 and $61,000, respectively.