Recently, the Capgemini Research Institute released the World Wealth Report 2024.

Key highlights of the report

About High-net-worth individuals (HNWIs)

  • The report reveals the number of high-net-worth individuals (HNWIs) and their wealth reached unprecedented levels in 2023.
  • Global HNWI wealth expanded by 4.7% in 2023 reaching $86.8 trillion. 
  • The HNWI population increased by 5.1% to 22.8 million globally and continues to grow despite market unpredictability.
  • In 2023, North America registered the strongest HNWI recovery worldwide with year-on-year growth at 7.2% for wealth and 7.1% for population.
  • Africa was the only region where HNWI wealth (-1.0%) and population (-0.1%) fell due to falling commodity prices and declining foreign investment.
  • The report indicates that 2/3rd HNWIs are planning to invest more in private equity during 2024.
  • The number of HNWI in India increased by 12.2% in 2023 as compared to 2022 and bringing the HNWI population to 3.589 million.
  • The 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. 

About Ultra-high-net-worth individuals (UHNWIs) 

  • UHNWIs hold over 34% of total HNWI wealth and make up just over 1% of the total HNWI population.
  • UHNWIs have increased the number of relationships they have with a wealth management firm from three in 2020 to seven in 2023.

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