World Wealth Report 2024

1. Global HNWI Wealth: Global HNWI wealth increased by 4.7% in 2023, reaching $86.8 trillion.
2. HNWI Population: The HNWI population grew by 5.1% to 22.8 million globally.
3. HNWI Definition: HNWIs are individuals with investable assets of $1 million or more, excluding primary residences, collectibles, consumables, and consumer durables.
4. HNWI Segments: HNWIs are segmented into 3 categories based on wealth bands: Ultra-HNWIs ($30 million or more), Mid-Tier Millionaires ($5-30 million), and Millionaires Next Door ($1-5 million).
5. Asia-Pacific (APAC) Region: Among the best performers in the APAC region, India and Australia recorded significant growth in HNWI wealth and population.

India Highlights:

1. HNWI Growth: The number of HNWIs in India increased by 12.2% in 2023 compared to 2022, bringing the total HNWI population to 3.589 million.
2. Financial Wealth: India's HNWI financial wealth increased by 12.4% in 2023 to $1,445.7 billion, compared to $1,286.7 billion in 2022.
3. Economic Performance: India's unemployment rate decreased to 3.1% in 2023, down from 7% in 2022, indicating a resilient economy.
4. Stock Market Performance: India's country's market capitalization increased by 29.0% in 2023, after an increase of 6% in 2022, reflecting strong equity market performance.
5. National Savings: India's national savings as a percentage of GDP increased to 33.4% in 2023, compared to 29.9% in 2022, indicating a higher savings rate.

What is gross national income?

1. National Income is the combined value of all domestically produced goods and services plus net income from abroad.
2. It represents the economic output of a country in a specific year, including both domestic production and income earned from international sources

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