World Wealth Report 2024

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The number of high-net-worth individuals (HNWI) in India increased by 12.2% in 2023 compared to 2022 as per the Capgemini Research Institute’s World Wealth Report 2024.

About World Wealth Report 2024:

  • It is released by the Capgemini Research Institute.
  • It covers 71 countries, accounting for more than 98% of global gross national income and 99% of world stock market capitalization
  • Highlights:
    • Global high-net-worth individuals (HNWI) wealth expanded by 4.7% in 2023, reaching $86.8 trillion. Similarly, the HNWI population increased by 5.1% to 22.8 million globally.
  • HNWIs are individuals with investable assets of $1 million or more, excluding their primary residence, collectibles, consumables, and consumer durables. 
  • HNWIs are segmented into three categories based on wealth bands: Ultra-HNWIs($30 million or more), Mid-Tier Millionaires($5-30M) and Millionaires Next Door (USD 1-5M).
    • Among the best performers in the APAC region were India and Australia, which recorded HNWI wealth growth of 12.4% and 7.9%, and HNWI population growth of 12.2% and 7.8%, respectively. 
    • A resilient economy and robust performance of the equity markets drove wealth growth in both of these countries. 
    • HNWI in India increased by 12.2% in 2023 vs 2022, bringing the total number of HNWI population to 3.589 million.
    • The financial wealth of India’s HNWI sincreased by 12.4% in 2023 to $1,445.7 billion, compared to $ 1,286.7 billion in 2022. 
    • India’s unemployment rate decreased to 3.1% in 2023, down from 7% in 2022
    • India’s country’s market capitalisation increased by 29.0% in 2023, after an increase of 6% in 2022. 
    • The country’s national savings as a percentage of GDP also increased to 33.4% in 2023, compared to 29.9% in 2022.

Q1: What is gross national income?

It is the sum of a country’s gross domestic product (GDP) plus net income (positive or negative) from abroad. It represents the value produced by a country’s economy in a given year, regardless of whether the source of the value created is domestic production or receipts from overseas.

Source: Wealth of HNWIs reached unprecedented levels in 2023: Capgemini study