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High net worth individual
From Wikipedia, the free encyclopedia
In private banking, a high-net-worth individual (HNWI) is a person with a high net worth. Typically these individuals are defined as having investable assets (financial assets not including primary residence) in excess of US$1 million. [1][2] The number of high net worth individuals worldwide is estimated at 9.5 million.[1]
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UHNWI refers to Ultra-High-Net-Worth Individuals, individuals or families who have at least US$30 million[1][2] in investable assets. The number of ultra high net worth individuals worldwide is estimated at about 95,000.[1] The exact dividing lines depend on how a bank wishes to segment its market; for example, the term Very High Net Worth Individuals [3] can refer to those those with assets between $5 million and $50 million, with Ultra High Net Worth Individuals only those above $50 million.
Most global banks, such as Credit Suisse, Deutsche Bank or UBS, have a separate Business Unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. Because of their extreme high net worth and the way their assets were generated, these clients are often considered to have semi-institutional or institutional like characteristics.
Brands in various sectors, such as Bentley, Maybach and Rolls-Royce in motoring, actively target UHNWI and HNWI to sell their products. Figures gathered by Rolls-Royce suggest there are 80,000 people in the UHNWI category around the world. They have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht. Various studies into the buying power of many UHNWI around the world, show that individuals and families of this 'super bracket' also possess an extravegant taste and prefer to purchase only those items of very high exclusivity, not commonly found or purchased by others. Such common items include, enjoying the finest Sterling Caviar made in America, smoking the finest Cuban cigars, wearing the most expensive watches from the likes of Rolex, Jaeger Le-Coultre,Vacheron Constantic and others. Fine Clothing also represents a high percentage of puchasing power made by UHNWI and HNWI. Very exclusive retail brands with a unique look of distinguishable quality take precedence over high street brands and are considred more 'on par' for the super rich. Women see exquisite handbags & shoes made of the finest leathers, such as from crocodile and snakes skin as luxuries as well as diamond accessories and jewellery. Men however prefer to wear the finest fabrics in clothing both casual and smart to represent their class and esteem in Society. Comelie London a V.I.P 'bespoke' tailoring firm in London, serves discerning UHNWI's around the world, making by hand for clients, Overcoatings, Jackets & 'bespoke' suits made of Vicuna, Baby cashmere or Super 200s fabrics which are appreciated for their exclusivity,perfect fit and exquisite construction. Other famous brands are considered by tHNWI for their 'must-have' appeal.
- ^ a b c d Capgemini 2006 World Wealth Report (2006-06-12). Retrieved on 2007-07-08. “World Wealth Grows to $33.3 trillion Says Merrill Lynch”
- ^ a b For A Few Dollars More, by Nivedita Chakravartty, The Times of India, 18 Jan 2007
- ^ Banking for Family Business: A New Challenge for Wealth Management, by Stefano Caselli, Stefano Gatti, Springer, 2005, ISBN 3540227989
- Rivkin, Annabel (December 12, 2006). How I make the rich richer. The Times. Retrieved on 2007-07-08.
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