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  • MAP Asia Pacific Ltd

Who Are The Non-HNWI Luxury Consumers?

The High Net Worth Individual, commonly referred to as HNWI, has long been a focus for many companies, whether private banking firms or luxury brands. The main desire is to attract and retain these customers given the value of their investable funds.

So, what defines these HNWIs? And are there other consumers out there that can be identified who aren’t HNWIs but behave similarly to these luxury consumers?

To start, it’s worth defining what “high net worth” actually means. According to Investopedia, HNWIs can be characterized by having liquid financial assets in the $1 million range. An investor with less than $1 million but more than $100,000 is considered to be “affluent” or perhaps “sub-HNWI.” The upper end of HNWI is around $5 million, at which point the client is then referred to as “very HNWI.” More than $30 million in wealth classifies a person as “ultra HNWI.”

Capgemini Research Institute adds even finer nuances to how a wealth management firm may classify these individuals. Capgemini divides the HNWI population into three subsections: millionaires next door ($1 million to $5 million in investable assets), mid-tier millionaires ($5 million to $30 million) and ultra-HNWIs (more than $30 million). Globally, 183,400 people were considered ultra-HNWI in 2019. Mid-tier millionaires numbered 1.75 million, while millionaires next door was the largest group at 17.6 million people.

Millionaires next door are quite a sizeable target market at the “low end” of the HNWI spectrum. With assets well invested and managed by private bankers, these individuals have the ability to spend their interest and dividend payments to live a highly coveted lifestyle.

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