India seventh richest country in the world: Report

India has figured among 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 came in at 8th, 9th and 10th 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 (4) with a total individual wealth of $9,200 billion, followed by Germany (5th, $9,100 billion) and France (6th, $6,600 billion).

Wealth refers to net assets of a person. It includes all their assets (property, cash, equities, business interests) minus 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 only has 22 million people living there," the report explained.

Over the past 5 years, China was the fastest growing wealthiest country in terms of dollar wealth growth. On India, the report stated, "Australia and India also grew strongly and India, Australia and Canada have just overtaken Italy over the past 12 months."

The study ranked the wealthiest countries in the world as of June 2016 in terms of total individual wealth held.