Who are these ultra high net worth individuals? How will you classify them? Allow me to go in to details about these kinds of people. A High net worth individual (HNWI) is someone who has financial assets of more than $1million. While the “Ultra high net worth individual” (UHNWI) is a person who has financial assets of more than $30 million.
The World Wealth Report who is known for surveying millionaires and billionaires defines the ultra high net worth individuals as those people with a net worth of at least $30 million. This figure represents the value of their assets of which includes their stocks, properties, luxury cars, yachts, jewelries and collectibles after taking in to account their debts and liabilities. The description of these people usually depends on a particular industry. It varies on the industry you are talking to.
There has been a report made by the MSN Money that states that most UHNWI’s often place half if their investable assets in stocks as well as in ownership of businesses. The usual minimum limit of investible assets in order for you to be qualified as an UHNW individual ranges around $5 million and $30 million.
The UHNW individuals are very important in the economy. They are an important market target by sellers of luxurious products and at the same time they are very much valued by a lot retail banks because of the high value assets. They also come very enticing to retail banks because of their monetary activities. High end retail shops value a lot their mass affluent clients because these are the individuals who can easily and readily afford their luxurious and expensive products. In this aspect it makes them play a great role in the economy.
Since they have so much disposable assets you can really expect the UHNWI’s lifestyle would be extravagant. Expert professionals from different industries cater their needs down from financial planning, wealth management, prime real estate, yachting, car dealings, designer jewelries and clothing and many more. These professionals are well paid just to ensure that all their wealth and assets are well taken care of. They are paid by just advising the ultra high net worth clients. With all their wealth and assets they have they no longer know how to manage it properly. It has been known that wealthy individuals tend to have more complex financial concerns that is why it is very important that skilled and expert financial professionals should handle their needs. That is why financial professionals play an important role in the lives of the rich and famous.
Handling the financial needs of the super wealthy individuals is not easy because you must be able to ensure that they remain on top and at the right track in dealing with their financial matters. It really does take an expert financial professional in order for you to work with the UHNW clients.Go here to see more.
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