World Wealth Report 2024

08.06.2024

World Wealth Report 2024

Why in the news?                                                                                                                                                                                                                                      

          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 HNWIs increased 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 capitalization 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.

                                                            Source: The Hindu

Ques :- The World Wealth Report 2024, recently seen in the news, was released by which one of the following organizations?

1. World Bank
2. World Economic Forum
3. European Union
4. None of the above

Answer D