High-Net-Worth Individual

MoneyBestPal Team
People with investable assets of at least $1 million.
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The term "high-net-worth individual" (HNWI) is used to refer to those who have a high net worth. Depending on the source, the precise definition of an HNWI can vary, but in general, it refers to people with investable assets of at least $1 million. 

Financial institutions view these people as extremely desirable customers because they frequently need specialist financial goods and services including asset management, tax preparation, and estate planning.

A wide range of occupations, including business owners, entrepreneurs, athletes, performers, and executives, attract HNWIs. They may amass their fortune in a number of ways, including through inheritance, commercial success, or investment gains. HNWIs frequently have tremendous influence and access to networks of other powerful people in addition to their financial advantages.

Although HNWIs are frequently the focus of financial advisors and wealth management companies, they also confront particular financial risks and concerns. Market volatility, tax, and regulatory changes, and the requirement to balance short- and long-term financial goals are a few of these. As a result, in order to efficiently manage their wealth, many HNWIs need specialist guidance and services.