India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth. India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth.
Furthermore, the data from the table also indicates that Australia is ranked 2nd best country to live in the world, while India is ranked 85th. This ranking considers various factors such as the cost of living, quality of life, healthcare, education, safety, and more.
In 1979, India's economy was exactly the same size as Australia's, measured by nominal GDP according to the IMF. Today it is more than twice Australia's size and its advantage will only lengthen.
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.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
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.
According to the report by New World Wealth, India has been ranked seventh in the list of top 10 wealthiest countries in the world, which was topped by the United States with total individual wealth of $48,700 billion. "India only makes the W10 (10 wealthiest) due to its large population.
The world's 12th largest economy
Nominal GDP was around A$2.2 trillion (US$1.6 trillion) in 2021. Australia is home to just 0.3% of the world's population, but accounts for 1.7% of the global economy. Notes: 1. Across 196 economies.
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.
Living in Australia for Indian
If you are immigrating to Australia from India, you will definitely find much better infrastructure, job opportunities, career growth, and wages here compared to India. It's not just the career growth you get here as an Indian; it's about the complete 360 degrees change in life.
Several factors make Australia a popular place for Indians to migrate. Firstly, the immigration policies of the country make it easy for students to gain education and work opportunities there. Secondly, the Australian education system, lifestyle, and medical facilities are primary factors in moving to this country.
Lingual diversity. While staying in Australia, you explore international exposure with the world's highest proportion of immigrants, over 200 languages and dialects being spoken in Australia. Languages from almost all the regions are widely spoken in Australia, making it one of the world's most diverse nations.
Methods of Teaching
The Indian teachers, however, tend to concentrate on creating practical reading assignments and have a lesser regard for interactive teaching techniques. As a result of this difference between the Indian and Australian educational systems, Australian students tend to score higher.
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.
A new wealth report seems to have the answer. Global real estate agency Knight Frank said in its new wealth report that in India, the individual wealth required to reach the 1 per cent threshold in India is $175,000, which translates roughly to Rs 1.44 crore.
India comes second with 3.8% annual growth. China's economy is five times bigger than India's. In dollar terms it grew at a much slower rate than India, yet made a far bigger net addition.
From a dollar-value point of view India has much more poverty than the United States. The great majority of India's people are in the world's poorer half, and about one-eighth of adults have less than $135 in total wealth [Table 3-4]. The impoverishment reaches extreme depths.
India has a GDP per capita of $2277.4 as per World Bank Data 2021, while the same for UK was $47334.4. This shows that the average income of an individual in India is less than an individual in the UK.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Absolutely. Australia is a fantastic place to live, even for foreigners. There aren't only advantages to living in Australia, but they outweigh the disadvantages. I love the climate, work-life balance, safety and the wide range of outdoor activities that I can enjoy every weekend.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.