The first five
Ingredients appear in descending order of weight, so the first five make up the overwhelming majority of what is in the jar. If the thing you bought it for is listed ninth, you are buying a very small amount of it.
Water being first is normal and not a criticism — most emulsions are mostly water. What matters is what is second and third.
Fragrance is a loophole
"Fragrance" or "parfum" can legally stand in for dozens of undisclosed compounds. For most people that is fine. For reactive skin it is the single most common trigger, and it is the reason we do not use any.