The definition of a high-net-worth individual differs from country to country, for example a high-net-worth individual in the USA is defined as a person who holds financial assets worth in excess of one million US Dollars. However, in the United Kingdom a high-net-worth individual is defined as an individual who has self-certified that in the year up to the date in question, they have had an annual income in excess GBP 100,000
Ultra-High-Net-Worth Individuals
The definition of an ultra-high-net-worth individual again differs from country to country, for example a ultra-high-net-worth individual in the USA is a person who holds investable assets of USD 30 Million or more. In the United Kingdom however, a ultra-high-net-worth individual was worth GBP 20 Million, but was amended by Her Majesty’s Revenue and Customs to GBP 10 Million in 2016.
Global Outlook – An increase in wealth
As of December 2019, global population of Ultra-High and High-Net-Worth Individuals was estimated at 19.6 million with a combined wealth value of USD17.4 Trillion, an increase of 8.8% and 8.6% from 2018 respectively.
The impact of Covid 19 on ultra-high and high-net-worth individuals has varied. Those invested in or own hospitality, airlines, travel companies, and luxury brands, have seen those investments decimated. However, for those owners of, (or investors in) physical retail and on-line sales, have seen their investments and wealth increase. Jeff Bezoz, the owner of amazon has seen his wealth increase to USD 150 Billion by June 2020.
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