As discussed in the previous blog, both high-net-worth and ultra-high-net-worth individuals are on the rise. Let’s examine a little closer in detail as to what this exactly means. With the help of Wealth-X research, we have learned that there are 199,235 UHNW individuals across the world. When their wealth is combined, it equals to that of $27.8 trillion. These individuals have increased a whopping 6.3% in the last year alone.
A family office is generally designed to prepare family members to manage, sustain, and grow their wealth across multiple generations. While many of us have our own definition of what we consider to be wealthy, the industry views individuals with a minimum of $ 1 million as a high-net-worth individual.