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International Affairs, May 20th, 2018, Current Affairs Notes - Current Affairs

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INTERNATIONAL AFFAIRS

India sixth wealthiest country with total wealth of USD 8,230 bn

According to AfrAsia Bank Global Wealth Migration Review 2018, India is the sixth wealthiest country in the world with a total wealth of $8,230 billion.

International Affairs, May 20th, 2018, Current Affairs Notes - Current Affairs

Highlights of AfrAsia Bank Global Wealth Migration Review 2018:
In the context of this report, “Total wealth” refers to the private wealth (assets viz. property, cash, equities, business interests, less any liabilities) held by all the individuals living in a particular country.

  • Global Wealth Migration Review provides insights on worldwide wealth and wealth migration trends over the past 10 years (up to the end of 2017), with projections for the next 10 years.
  • India emerged as the “Best Performing Wealth Markets” registering 25% growth in total wealth for the year 2017.
  • The report has projected that India will overtake Germany and the UK to become the 4th largest wealth market worldwide by 2027, mainly on account of large number of entrepreneurs, robust outlook for Information Technology, business process outsourcing, good educational system, real estate, healthcare and media sectors.
  • With a total wealth of $62,584 billion, United States of America is the richest nation globally.
  • Global wealth rose to USD 215 trillion at the end of 2017, marking a 12% growth as compared to USD 192 trillion at the end of 2016.
  • Globally, there are around 15.2 million High-net-worth individuals (HNWIs), each with net assets of $1 million or more.
  • As per the report, global wealth will reach $321 trillion by 2027 and Sri Lanka, India, Vietnam, China, Mauritius are expected to be the fastest growing wealth markets for the next decade.

Top 10 Wealthiest Countries:

Rank Country Total Wealth
1 US $62,584 billion
2 China $24,803 billion
3 Japan $19,522 billion
4 United Kingdom (UK) $9,919 billion
5 Germany $9,660 billion
6 India $8,230 billion
7 Australia $6,142 billion
8 Canada $6,393 billion
9 France $6,649 billion
10 Italy $4,276 billion

Quick Facts about AfrAsia Bank:
♦ Founded in – 2007
♦ Headquarters – Port Louis, Mauritius

Visit of Indian Naval Ships to Danang, Vietnam
Three Indian Naval Ships Sahyadri, Shakti and Kamorta under the command of Rear Admiral Dinesh Kumar Tripathi shall be making a port call at Tien Sa Port, Danang, Vietnam from 21st to 25th May, 2018.
i. This port call is part of ongoing operational deployment of the Indian Navy’s Eastern Fleet ships to South East Asia and North West Pacific region.
ii. Objective of this visit is to enhance maritime cooperation between Indian and Vietnamese Navies, strengthen bonds of friendship between the two countries and contribute to security and stability in the region and the world at large.
iii. During the course of this visit, personnel of both the navies will engage in professional interaction. Both the navies would also be undertaking a joint exercise.
iv. It is to be noted that Indian Navy has had extensive interactions with Vietnam People’s Navy, particularly in the field of training, maintenance and logistics support aimed at capacity building and repairs.
v. Most recent visit by Indian Ships to Vietnam was in September 2017, wherein ships INS Satpura and INS Kadmatt visited Hai Phong port.
Quick Facts about Vietnam:
♦ Capital – Hanoi
♦ Currency – Vietnamese Dong
♦ Current President – Tran Dai Quang
♦ Important Rivers – Red River, Perfume River

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