High Net Worth Individuals (HNWIs) are highly sought after by banks, investment companies and private wealth managers.
Most major banks have a separate department to deal with this class of customer and HNWI’s are actively targeted by many high-end luxury brands.
So what defines a HNWI?
There is no absolute qualifying figure to achieving HNW status, but the general consensus amongst financial institutions is an individual that has net assets (not including main residence) of at least £1,000,000 (million), there is usually an income figure attached to this equation as well, usually in the region of £250,000 per annum.
An individual with more than £50 million in net assets would be termed an ultra HNWI. Despite the fact that Asia is currently producing more new millionaires than anywhere else in the world, the bulk of uHNWIs is still to be found in America and Europe. A recent study found that there were 199,235 individuals worldwide that qualified for uHNW status.