The country's national savings as a percentage of GDP increased to 33.4 percent in 2023 compared to 29.9 percent in 2022.
Meanwhile, according to The Capgemini Research Institute's 'World Wealth Report 2024', the number of high net worth individuals (HNWIs) in the country is expected to grow by 12.2 per cent in 2023 compared to the previous year, taking the figure to 3.589 million .
The wealth of HNWIs in the country is expected to increase by 12.4 percent to $1,445.7 billion in 2023 from $1,286.7 billion in 2022.
In the APAC region, India and Australia were the best performers, where HNWI wealth grew by 12.4 per cent and 7.9 per cent, respectively, and the HNWI population grew by 12.2 per cent and 7.8 per cent, respectively.
The findings revealed that wealth growth in both these countries was driven by a resilient economy and strong performance of equity markets.
"India's economy grew at the fastest rate in the last six quarters, driven by strong private consumption as well as positive trends in manufacturing and construction activities," the report noted.
The country's market capitalization surged 29 percent last year, followed by 6 percent growth in 2022.
Factors such as renewed capital expenditure, a strong banking system, credit growth, rising demand for automobiles and electricity and digitization-driven productivity growth are further driving this trend.
Foreign portfolio investment (FPI) inflows have seen a significant uptick in 2023-24, with net FPI inflows at $24.9 billion (as of December 6), compared to net outflows in the previous two years, the report said.
Meanwhile, according to The Capgemini Research Institute's 'World Wealth Report 2024', the number of high net worth individuals (HNWIs) in the country is expected to grow by 12.2 per cent in 2023 compared to the previous year, taking the figure to 3.589 million .
The wealth of HNWIs in the country is expected to increase by 12.4 percent to $1,445.7 billion in 2023 from $1,286.7 billion in 2022.
In the APAC region, India and Australia were the best performers, where HNWI wealth grew by 12.4 per cent and 7.9 per cent, respectively, and the HNWI population grew by 12.2 per cent and 7.8 per cent, respectively.
The findings revealed that wealth growth in both these countries was driven by a resilient economy and strong performance of equity markets.
"India's economy grew at the fastest rate in the last six quarters, driven by strong private consumption as well as positive trends in manufacturing and construction activities," the report noted.
The country's market capitalization surged 29 percent last year, followed by 6 percent growth in 2022.
Factors such as renewed capital expenditure, a strong banking system, credit growth, rising demand for automobiles and electricity and digitization-driven productivity growth are further driving this trend.
Foreign portfolio investment (FPI) inflows have seen a significant uptick in 2023-24, with net FPI inflows at $24.9 billion (as of December 6), compared to net outflows in the previous two years, the report said.
