The number of high net-worth individuals (HNWI) in India increased by 12.2% in 2023 vs 2022, bringing the total number of HNWI population to 3.589 million, as per The Capgemini Research Institute’s World Wealth Report 2024.
The financial wealth of India’s HNWIs increased by 12.4% in 2023 to $1,445.7 billion while it was $ 1,286.7 billion in 2022. Market buoyancy in 2023 sparked a $3.8 trillion increase in HNWI’s wealth.
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. Asia-Pacific experienced 4.2% HNWI wealth growth and a 4.8% rise in the HNWI population, the study found.
Gapgemini’s study also found the country’s unemployment rate decreased to 3.1% in 2023, down from 7% in 2022, despite the economy growing 7.3% in 2023, higher than the increase of 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 too increased to 33.4% in 2023 compared to 29.9% in 2022.
Buoyed by a resurging equity market and improving macroeconomics, global high-net-worth individual (HNWI) wealth and population rose by 4.7% and 5.1% in 2023.
“Clients are demanding more from their wealth managers and the stakes have never been higher,’‘ observed Nilesh Vaidya, Global Industry Head of Retail Banking and Wealth Management at Capgemini.
