10 richest countries ranked in 2016 list

Dubai: Major economies continue to dominate the global ranking of the richest countries, with one nation’s private fortunes jumping by $200 billion in six months alone, according to a new report released on Tuesday.

New World Wealth ranked the different countries according to the total amount of wealth, including property, cash, equities and business interests, held by all individuals as of June 2016.  At least three countries from Asia appeared on the list, while four from Europe made it to the rankings.

Accumulating $48.9 trillion in wealth, the United States topped the overall list, followed by China, Japan, United Kingdom and Germany in the top five. Rounding up the top ten are France, India, Canada, Australia and Italy.

Analysts are impressed by Australia’s showing in the top ten, considering that the country only has 22 million people living there.  The country, as well as Canada, have also overtaken Italy over the past 12 months, while China posted the fastest wealth growth over the past 15 years.

In terms of wealth held per person, European countries dominated the global rankings, with Monaco taking the number one spot.  As of June 2016, the average person in Monaco, a known tax haven, owns $1.6 million in wealth, the highest in the world.

New World Wealth said the high average of wealth of Monaco’s residents can be attributed to the country's tax-free regime.

Liechtenstein, another tax haven, came second on the list, with the average wealth per capita standing at $610,000. Taking the third spot is Switzerland, with per person wealth at $284,000, followed by Australia ($203,000) and Norway ($193,000).

The remaining five places in the top ten went to Luxembourg ($179,000), Singapore ($157,000), United States ($151,000), United Kingdom ($147,000) and Sweden ($143,000).

Countries ranked by total individual wealth, 2016 ($ billion)

Source: New World Wealth