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However, there are distinct classifications of HNWI and the exact dividing
lines depend on how a bank wishes to segment its market. For example, an
investor with less than US$1 million but more than US$100,000 is considered
to be "affluent", or perhaps even "Sub-HNWI". "Very-HNWI" (VHNWI) can
refer to someone with a net worth of at least US$5 million.
By 2007, the expansion of HNWI assets led to the creation of a super class of
HNWIs, known as Ultra-high-net-worth individuals (UHNWIs), i.e. those with
US$30 million in liquid financial assets according to the Capgemini and Merrill
Lynch World Wealth Report 2006 or with a disposable income of more than
US$20 million.
HNWIs are in high demand by private wealth managers. The more money a
person has, the more work it takes to maintain and preserve those assets. These
individuals generally demand (and can justify) personalized services in
investment management, estate planning, tax planning, and so on.
What are all the services high net worth individuals normally expects?
Advisory support on investment decision
Tax optimization
Wealth protection, insurance advisory
Research support on different investment opportunities
Other requirements like succession planning, legal advisory services, etc