reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth. Australia ranks ninth on this list with total wealth of $6,142 billion.
Australia is a highly developed country with a mixed economy. As of 2023, Australia was the 13th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by PPP-adjusted GDP, and was the 20th-largest goods exporter and 24th-largest goods importer.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong.
India has GDP per capita of $2,200. In 2021, India was ranked 145th in a list of 193 countries for which data was available. India was placed above Kenya and below the Solomon Islands.
India is at 22nd spot, above South Afirca, the Philippines and Kenya. According to Knight Frank's 2022 report, the number of ultra-high-net-worth-individuals in India increased 11 per cent on the back of buoyant equity markets and digital revolution.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
More on the wealthy states within Australia
The Australian Capital Territory (ACT) has the highest average income among Australian states and territories, due to its strong public administration and professional services sectors. New South Wales also has a high average income, higher than the rest of the states.
The country's nominal GDP of USD 18 trillion is roughly six times that of India. China has historically had a larger population. And in the previous decade, China's real GDP growth outpaced India's by over 1.5 percentage points annually.
Currently, India is the sixth-largest economy, behind the U.S., China, Japan, Germany and the U.K. “India's nominal GDP... is forecast to rise from $2.7 trillion in 2021 to $8.4 trillion by 2030,” IHS Markit said.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city. It's also predicted to reach the top 5 wealthiest cities in the world by 2040.
Depending on how you look at it, Australians have it pretty good. The average Australian now has a net worth of more than US$550,000. Collectively, Australian households have a staggering $14 trillion in wealth and the number is steadily growing.
Australia's average wealth is just 1.8 times our median wealth; by contrast the UK's is 2.2 times greater, while the US is second worst out of the top 50, at 6.7 times.
The valuations of Gina Rinehart ($37.41 billion) and Andrew Forrest ($33.29 billion), the richest and second-richest Australians for the fourth year in a row, surged 10 per cent and 8 per cent respectively as listed-market analysts re-rated their outlook for red Pilbara dirt.
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
Switzerland and Australia have the next highest entry points to the 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday as part of the property broker's 2023 Wealth Report. In the US, $5.1 million will get you over the threshold.
Australia has a highly developed market economy and one of the highest per capita incomes globally. Australia is a regional power, and has the world's thirteenth-highest military expenditure.
A rich and diverse cultural history
Their diverse languages, philosophies and histories form the oldest surviving culture on Earth, one that stretches back millennia.
Australia is internationally renowned for cricket, and the Australian Men's Cricket Team has a higher percentage of successful matches than any other international team. However, although Australia is particularly good at cricket, Australians also love rugby, netball, swimming and surfing and more.
India is the sixth wealthiest country in the world while U.S. tops that list followed by China and Japan. India is the sixth wealthiest country in the world with a total wealth of $8,230 billion, while the U.S. is the richest nation globally, says a report.
For a person who earns 20lakhs per annum with an asset of 1 crore might be rich from the view point of one who earns less than that. Whereas, for this person who is capable enough to possess assets worth ₹ 1 crore will consider the other one who owns assets worth more than this figure to be "rich".
Mumbai, the wealthiest city in the nation, serves as India's financial centre and is the residence to many of the country's billionaires.