India’s affluent segment decelerated in 2022 due to challenging external environment

India’s affluent segment expanded at a AAGR of 11.3% between 2016 and 2021. In 2022, the Indian economy faced new challenges due to rising inflation, interest rate hikes, the Russia–Ukraine war, and the uncertain global economic environment. Despite this, investor sentiment remained positive thanks to strong domestic consumption and growth in exports. Subsequently, the affluent segment registered estimated growth of 7.3% in 2022, while the HNW segment rose by 6.3%.