An ultra high net worth individual is someone who has a net worth of 30 million US dollars.
As of 2018, a new list of the world's richest people has been released. According to the list the current holder for the wealthiest person in the world is the CEO of Amazon.com Mr. Jeff Bezos, he is then followed by Bill Gates, and Warren Buffet. Mark Zuckerberg is fourth on the list and followed by Carlos Slim Helu a businessman who is currently worth $61.5 billion in 2019.
Others included in the Ultra High Net Worth list is Charles and David Koch, owner of the second largest privately owned company in the United States. Michael Bloomberg a former New York City Mayor, and children as well as in-laws of Sam Walton, the founder of Wal-Mart.
Emerging Ultra High Net Worth Individuals in Asia
There is a growing number of ultra high net worth individuals in Asia including other countries like Russia, Brazil and India. Most of the concentration of the wealth was in the United States and Europe, but now countries like China and Russia are emerging. Today both countries are boasting a combined number of 200 billionaires in their ranks. In Russia, Vladimir Potanin chairman and key shareholder of Norilsk Nickel, and Leonid Mikhelson, a petrochemical magnate are now included in the list. Alice Walton worth $43.7 billion dollars and Francoise Bettencourt Meyers of L'Oreal worth $49.3 billion dollars are also on the list.
In China, new ultra high net worth individuals like Jack Ma of Alibaba and Wang Jianlin's real estate fortune is causing a surge in the number of high net worth individuals in Asia. Ma Huateng internet holdings have also included them in the list of ultra high net worth individuals.
High Net Worth Individuals Vs. Ultra High Net worth Individuals
Wealth managers would often use the metaphor of a garden vs a farmland. A high net worth individual have built themselves a few large garden of classes of assets. They might have 2 or 3 big food franchises under their names but an ultra high net worth individual tends to have the entire farmland.
The life and wealth management of ultra high net worth individuals is much more complex. They own multiple numbers of businesses, and they have a unique and sophisticated wealth portfolio. Many have domestic and international properties, and complicated cash flows, as well as multiple trusts. Most ultra high net worth individuals also have multi generational family wealth.
An ultra high net worth individual is already served by a team of wealth managers and often they have their own multi family office. Wealth managers in order to succeed in handling ultra high net worth clients needs to understand the full spectrum of the job. They need to be able to incorporate the right family values, understand the needs and fears of clients including the joys and sorrows, the human and spiritual side of owning wealth so they can assist Ultra high net worth clients the most effective way.
How to work with Ultra High Net Worth Client?
In order to be able to work for a high net worth client, a person must first be committed to learning their own self. A wealth advisor should have an in depth relationship with themselves, and they need to understand why they want to enter in the wealth field. What is the real meaning of value, and the inherent values that are needed to understand money and wealth. A deep inventory has to be done within the self so they can find out how to best serve others.
The goal is to be open and honest with the dialogue among the ultra high net worth clients about their perceived struggles, ideas of failure and what real triumph feels to them. In doing, so a wealth advisor can be come up with solutions that will align with the value of the client.
Becoming wealthy is not an easy thing to be, it is a complex process to undertake. With great wealth comes immense responsibilities that a person has to prepare for. Ultra high net worth people had to learn how to handle their money from focusing on managing assets to finding the right people to work with them.
Privacy and Real Scale of Understanding of Wealth
Only 20% of financial advisers really understand the entirety of ultra high net worth individuals, this is because ultra high net worth individuals or UHNWIs keep a close eye on their wealth and tend to manager it themselves. Families with over $200 million in assets are much more careful when it comes to the information they will disclose to their advisers and portfolio managers. Most UNHWI philantrophists also donate $25 million of their wealth to charity during the entire course of their lives. Most of them donate to educational causes. Most women coming from ultra high net worth individuals donate more than their male counterparts.
According to the Global Wealth headed by the Boston Consulting Group there is now more liquid financial wealth circulation the world. The financial wealth of sub-millionaires are also expected to increase by 3.7% annually starting from 2019.
Asia will continue to grow and Countries like the Philippines is predicted to grow in wealth estimation as early as 2020. More and more brands and luxury companies will enter Asia including financial institutions, charities and universities a result of higher number of wealthy Asians.
The average age of billionaires is 62 years old, while 87% of the world's billionaires are still male. Many ultra high net worth individuals have their own finance and banking investment industry, including luxury companies. Many also engage in creating private foundations, and support a variety of causes including poverty relief and tech foundations.
The Philippine Luxury Meet Up happening in July 2019 in Manila, will expound on the real lifestyle and interests of Ultra High Net Worth Individuals in the world. It is an exclusive event, and is by invitation only.
The event is a 4-hour meetup together with luxury lifestyle consultants and private wealth advisers to high net-worth individuals in the Philippines. Representatives from various luxury brands, founders and owners of new luxury providers, luxury marketers, and HNWIs will also be in attendance.