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Source- This post on World Wealth Report 2024 has been created based on the article “Wealth of HNWIs reached unprecedented levels in 2023: Capgemini study” published in “The Hindu” on 8 June 2024.
Why in the News?
The Capgemini Research Institute’s recently published World Wealth Report 2024.
About World Wealth Report 2024
1. Released By: Capgemini Research Institute.
2. Coverage: The report covers 71 countries, representing more than 98% of global gross national income and 99% of the world’s stock market capitalization.
Findings of the report
| About | Description |
| HNWIs Definition | Individuals with investable assets of $1 million or more, excluding their primary residence, collectibles, consumables, and consumer durables. |
| Global HNWI Wealth and Population | i) Wealth Expansion: In 2023, global high-net-worth individuals (HNWI) wealth grew by 4.7%, reaching $86.8 trillion. ii) Population Growth: The HNWI population increased by 5.1% to 22.8 million globally. |
| Wealth Bands | i) Ultra-HNWIs: $30 million or more. ii) Mid-Tier Millionaires: $5-30 million. iii) Millionaires Next Door: $1-5 million. |
| Performance in the APAC Region | i) Top Performers: India and Australia were among the best performers. ii) Factors: A resilient economy and strong equity market performance drove the wealth growth in these countries. |
| HNWIs in India | i) Population Increase: The number of HNWIs in India grew by 12.2% in 2023 compared to 2022, reaching 3.589 million. ii) Wealth Growth: The financial wealth of India’s HNWIs increased by 12.4% in 2023, reaching $1,445.7 billion, up from $1,286.7 billion in 2022. |
| Economic Indicators in India | i) Unemployment Rate: It decreased to 3.1% in 2023, down from 7% in 2022. ii) Market Capitalization: It increased by 29.0% in 2023, following a 6% increase in 2022. iii) National Savings: As a percentage of GDP, national savings rose to 33.4% in 2023, compared to 29.9% in 2022. |
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