India among 10 wealthiest countries; average Indian 'quite poor'

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. On a per capita basis, the average Indian is quite poor," the report said, adding that over the past 15 years the country grew "strongly".

Moreover, India has overtaken Italy this past year. Australia and Canada are expected to overtake Italy in the next couple of years.