What Does Ultra High Net Worth or UHNW Mean?
Ultra High Net Worth Individuals (sometimes referenced as UHNWI) are people who have a minimum of $30 million in investable assets. Investable assets are liquid or close to liquid assets, such as cash, stocks + bonds, retirement accounts, etc.
Are all Ultra High Net Worth Individuals also considered Old Money?
The simple answer is no.
Many ultra-high net worth individuals would by definition be considered new money. People like Elon Musk, Jeff Bezos, Oprah, and Larry Ellison simply did not have wealth extending back several generations to fall into the old money bucket.
That certainly doesn’t diminish their fabulous wealth, but it does make them new money.
Where do UHNW Individuals Keep Their Money?
Ultra-high net worth individuals diversify their assets. Of course, they must have at least $30 million in liquid assets to fall into the UHNWI category, but beyond that, they follow similar strategies to maximize their assets. Below is a list of ways the uber-wealthy spread their money across different investments:
Spread out their money at multiple banks
Invest in bonds, stocks, and mutual funds
Put money into private equity funds and venture capital
Buy real estate
Buy art and other collectibles
White Glove Service: The Special Treatment that UHNW Individuals Get at Banks
In the United States and abroad, the ultrarich have access to a different set of banking options that normal individuals do not. At many of the bigger banks, these are referred to as private banking or private client services.
These services offer more than your traditional banking options, and can include:
Private philanthropy services
Credit and customized lending
Wealth and legacy planning
High limits for wire transfers
A dedicated banker plus 24/7 on-call support
Private banking sets the wealthy individual up with a dedicated individual or small team within the bank that allows the well-heeled client to bypass the standard bank teller and get help directly and immediately when they need it.
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