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46-458: The St Andrews Angels is led by two independent boards, located in both London and New York, each composed of business executives, financiers and entrepreneurs. Each board performs deal discovery, whilst members independently facilitate any equity investments. The group seeks to promote Scottish ventures and technology outside of the country & supports events centred upon fostering greater linkages between London, New York & Scotland. The group

92-635: A very-high-net-worth individual ( VHNWI ), refers to someone with a net worth of at least US$ 5 million. The terminal level, an ultra-high-net-worth individual ( UHNWI ), holds US$ 30 million in investible assets ( adjusted for inflation ). Individuals with a net worth of over US$ 1 billion are considered to occupy a special bracket of the UHNWI. These thresholds are broadly used in studies of wealth inequality , government regulation, investment suitability requirements, marketing, financing standards, and general corporate strategy. As of December 2023 , it

138-732: A 1.5% increase of their total combined wealth to $ 27 trillion." The 2018 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of the largest and most in-depth surveys of HNWIs ever conducted, surveying more than 4,400 across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. The World Wealth Report has estimated

184-878: A half years later, the Wall Street Crash of 1929 occurred in the stock market , followed shortly thereafter by the United States entry into the Great Depression . In response to this crisis, the United States Congress wrote into law the Securities Act of 1933 and the Securities Exchange Act of 1934 . In 1935, Congress requested that the SEC report on the industry, and the Investment Trust Study

230-539: A household definition of UHNW, which places only those with more than $ 100 million liquid financial wealth into the UHNW-category, more than the usual $ 30 million, with which the ultra-category had been created in 2007. They control 5.5% of global financial wealth. 5,000 of them live in the US, followed by China, Britain and Germany. BCG expects the trend toward more concentrated wealth to continue unabated. While financial wealth of

276-474: A report known as Form ADV. Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals", among other details; its Glossary of Terms explains that a "high-net-worth individual" is a person who is either a "qualified client" under rule 205-3 of the Advisers Act (currently a person with at least $ 1,100,000 managed by the reporting investment adviser, or whose net worth

322-490: A series of lectures and keynote speeches centred around economics and entrepreneurship. Former notable speakers include David S. Rose . High-net-worth individual High-net-worth individual ( HNWI ) is a technical term used in the financial services industry for people who maintain liquid assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) valued over US$ 1 million . A secondary level,

368-432: A very-high-net-worth individual (VHNWI), refers to someone with a net worth of at least US$ 5 million. An ultra-high-net-worth individual (UHNWI) holds at least US$ 30 million in investable assets ( adjusted for inflation ). In 2013, there were 211,275 UHNWIs in the world, with a total combined net worth of US$ 29.7 trillion. Billionaires are a special category of UHNWI, having net worth in excess of US$ 1 billion. According to

414-430: Is 62 years old, and 89% of the world's billionaires are male. Approximately 68% of them have a bachelor's degree or higher levels of education. UHNWIs are notable players in the field of philanthropy; many have their own private foundations and support a variety of causes, from education to poverty relief. Financial institutions are known for their targeting of UHNWIs, having specific parts of their bank designed to manage

460-404: Is a huge proportion considering this population is only 0.003% of the world's population. The following table shows the countries with the highest net inflows of HNWIs in 2024 according to the annual Henley & Partners Wealth Migration Report (figures have been rounded to the nearest 100): Investment Company Act of 1940 The Investment Company Act of 1940 (commonly referred to as

506-528: Is central to financial regulation in the United States. It has been updated by the Dodd-Frank Act of 2010 . It is the primary source of regulation for mutual funds and closed-end funds, now a multi-trillion dollar investment industry. The 1940 Act also impacts the operations of hedge funds, private equity funds and even holding companies . Following the founding of the mutual fund in 1924, investors invested in this new investment vehicle heavily. Five and

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552-441: Is female, and of these, only 33% are self-made, as opposed to 70% of male UHNW. According to the same 2013 report, twenty-two percent of self-made UHNW individuals have derived their wealth from finance, banking and investment. Almost 15% of individuals with inherited wealth are engaged in non-profit and social organisations. As of 2014, Asia's growth was expected to continue, and this change in demographics has significant impact on

598-399: Is notable in that it restricts foreign investment firms from offering securities, and by 1992 no foreign firms had registered since 1973. Section 9 outlines disqualification provisions which restrict people who have committed misconduct from practice in the industry; in practice, the SEC has historically granted waivers to allow such persons to remain involved. Various provisions restrict

644-525: The U.S. Securities and Exchange Commission (SEC) to make specific judgments about or even supervise an investment company's actual investment decisions. The act requires investment companies to publicly disclose information about their own financial health. The Investment Company Act applies to all investment companies, but exempts several types of investment companies from the act's coverage. The most common exemptions are found in Sections 3(c)(1) and 3(c)(7) of

690-471: The '40 Act) is an act of Congress which regulates investment funds . It was passed as a United States Public Law ( Pub. L.   76–768 ) on August 22, 1940, and is codified at 15 U.S.C.   §§ 80a-1 – 80a-64 . Along with the Securities Exchange Act of 1934 , the Investment Advisers Act of 1940 , and extensive rules issued by the U.S. Securities and Exchange Commission ; it

736-444: The 1970s, which preceded changes to the statute, ultimately including a section 3(c)(7) which exempts issuers of non-public securities to qualified purchasers. Section 3(c)(11) generally exempts collective trust funds . Section 7 prohibits investment companies from doing business until registration, including public offerings ; in 2018, the SEC acted against a cryptocurrency hedge fund for allegedly violating section 7. Section 7(d)

782-421: The 2019 World Ultra Wealth Report published by Wealth-X: There are three different sources compiling these statistics for cities: the most recent data is from Altrata, which found that the four cities with the highest number of ultra-high net worth individuals, as of 2023, were New York City (16,630), Hong Kong (12,546), Los Angeles (8,955), and Tokyo (6,445). Below are previous rankings from Wealth-X and

828-465: The Billionaire Census 2014, there were 2,325 billionaires in the world, with a combined net worth of US$ 7.3 trillion. In 2014, they represented just over 1% of the world's UHNW population and 24% of the world's UHNW total wealth. The June 27, 2017 "World Ultra Wealth Report" analysed the state of the world's ultra-high-net-worth (UHNW) population, or those with $ 30m or more in net worth. In 2017,

874-577: The Knight Frank Wealth Report: The World Ultra Wealth Report 2013 was co-published by Wealth-X and UBS . The fifth edition of the report was published on June 27, 2017. Previous World Ultra Wealth Reports were published independently by Wealth-X, in 2011 and 2012 respectively: The Boston Consulting Group (BCG) 2014 Global Wealth Report shows that liquid wealth of the super-rich, referenced as Ultra-High-Net-Worth households, had increased by 20% in 2013. BCG uses

920-712: The US. Investor membership in the UK requires certified high-net-worth individual status or self-certified sophisticated investor status as detailed by the Financial Conduct Authority. Investor members must participate in one investment annually. The St Andrews Angels provides educational seminars, concerning entrepreneurship and the capital raising process, to students at the university. The group also organises regular opportunities for University students to attend pitch events in both St Andrews and further afield through their sister organisations and partners. The group also runs

966-553: The act and include hedge funds . In October 2021, over 60 law firms issued an "extremely unusual joint statement" that special-purpose acquisition companies (SPACs) are subject to regulation under the Act when the SPAC does not acquire an operational business within one year of offering company shares to the public. The statement followed opposition from Yale law professor John Morley and New York University law professor Robert Jackson regarding

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1012-501: The definitions used in the financial and banking trade, the SEC's definition of HNWI includes the value of a person's verifiable non-financial assets, such as a primary residence or art collection. The World Wealth Report was co-published by Merrill Lynch and Capgemini , previously known as Cap Gemini Ernst & Young who worked together since 1993, investigating the "needs of high-net-worth individuals" to "successfully serve this market segment". Their first annual World Wealth Report

1058-514: The definitions, section 6 describes additional exemptions, with 6(c) notably giving the SEC broad discretion to "conditionally or unconditionally exempt any person ... from any provision". One of the original drafters, David Schenker (who became the head of the Investment Company Division at the SEC ), explained the provision in 1940 by pointing to the complexities of the industry. This was notably used to exempt venture capital firms in

1104-411: The dismissal of a lawsuit against the blank-check company GO Acquisition Corp. that had been filed on behalf of an investor. When Congress wrote the act into federal law , rather than leaving the matter up to the individual states, it justified its action by including in the text of the bill its rationale for enacting the law: The activities of such companies, extending over many states, their use of

1150-491: The greater loss, losing 24.6% in population and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$ 59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $ 48.5 trillion advancing at an annual rate of 8.1%. The "World Ultra Wealth Report", on UHNW populations—those with "$ 30m or more in net worth"—which was published on June 27, 2017, "this year revealed global growth of 3.5% to 226,450 individuals and

1196-430: The head of the Investment Company Division at the SEC, was one of the original drafters. By 1992, the act had remained largely unchanged aside from amendments in 1970 to provide additional protections particularly around independent boards and limiting fees and expenses. The act's purpose, as stated in the bill, is "to mitigate and ... eliminate the conditions ... which adversely affect the national public interest and

1242-480: The instrumentalities of interstate commerce and the wide geographic distribution of their security holders, make difficult, if not impossible, effective state regulation of such companies in the interest of investors. The act divides the types of investment company to be regulated into three classifications: Sections 1 - 5 define terms and classify investment companies. The definition of investment company also includes some exemptions. In addition to exemptions in

1288-409: The interest of investors". Specifically, the act regulated conflicts of interest in investment companies and securities exchanges. It seeks to protect the public primarily by legally requiring disclosure of material details about each investment company. The act also places some restrictions on certain mutual fund activities such as short selling shares. However, the act did not create provisions for

1334-521: The investment adviser reasonably believes exceeds $ 2,200,000 without counting their primary residence) or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 ). The Dodd-Frank Wall Street Reform Act mandates that the definition of a qualified client be reviewed every five years and adjusted for inflation. For SEC purposes, a person's net worth may include assets held jointly with their spouse. Unlike

1380-425: The luxury industry's troubled year with China's luxury spenders, luxury industry experts continued to be optimistic for their long-term performance, especially from UHNWIs. According to Savills and Wealth-X, in 2014, UHNWIs are particularly relevant to the real estate sector, with the total UHNW population's real estate holdings accounting for over US$ 5 trillion by 2014, or 3% of the world's real estate holdings. This

1426-550: The middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine is an emerging trend as of 2017. Most global banks, such as Santander , Barclays , BNP Paribas , Citibank , Credit Suisse , Deutsche Bank , HSBC , JPMorgan Chase , and UBS , have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. These clients are often considered to have characteristics similar to institutional investors because

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1472-541: The number and combined investable wealth of high-net-worth individuals as follows (using the United States Consumer Price Index (CPI) Inflation Calculator): Certain products cater to the wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions , yachts , first-class airline tickets and private jets , and personal umbrella insurance . As economic growth has made historically expensive items affordable for

1518-534: The number of UHNWIs globally grew 3.5% to 226,450. Their combined total wealth increased by 1.5% to $ 27 trillion. According to Credit Suisse, there were 264,200 UHNWIs with net worth above US$ 50 million at the end of 2021. According to The Knight Frank Wealth Report, HNWI can refer to someone with a net worth of at least US$ 1 million, while UHNWI can refer to someone with a net worth of at least US$ 30 million. The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file

1564-427: The powers of investment companies in corporate governance over management particularly in transactions with affiliates, including section 10. These laws were passed as a reaction to self-dealing excesses in the 1920s and 1930s, where funds would, for example, dump worthless stocks into certain funds, saddling investors with their losses. To register, a firm initially files a notification with Form N-8A, followed by

1610-417: The sub-millionaires is expected to increase by 3.7% annually until 2019, the expected growth rate for the super-rich is 9.1%. By 2013, 65% of the world's UHNW population was self-made, as opposed to 19% who had inherited their fortune and 16% who had inherited and grown their wealth. These proportions change dramatically by gender. In the 2013 report, it was revealed that only 12% of the world's UHNW population

1656-401: The various organizations that target UHNW individuals, such as luxury companies, financial institutions, charities and universities. The following is a list of the countries with the most Ultra high-net-worth individuals (UHNWI) as of 2023 as per the 2024 Knight Frank's Wealth Report: The Billionaire Census is a co-publication of Wealth-X and UBS. In 2013 for example, the average net worth of

1702-404: The vast majority of their net worth and current income is derived from passive sources rather than labor . By 2006, asset managers working for HNW individuals invested more than £300 billion on behalf of their clients. These wealth managers are bankers who in 2006, earned multimillion-pound salaries and owned their own companies and equity funds. In 2006, a list of the 50 top investment bankers

1748-556: The wealth of their UHNW clients. In addition, research on the UHNW is particularly important with upcoming intergenerational wealth transfers in the UHNW population. For example, as of 2014, luxury companies typically target UHNW as a separate segment of their clientele. Daily Finance in 2014, projected that growth in Asia's UHNW population looked promising for the future of the luxury industry. The India's Economic Times said in 2014 that, despite

1794-428: The world's billionaire is US$ 3 billion, with a liquidity on average of 18% of net worth. 60% of the world's billionaires are self-made, 20% have inherited their fortune and 20% have both inherited and grown their wealth. 18% of the world's billionaires have derived their wealth from finance, banking and investment; as opposed to 9% from industrial conglomerates and 7% from the real estate industry. The average billionaire

1840-429: The world's population and hold 13% of the world's total wealth. In 2017, 226,450 people were designated as UHNWI, with their combined total wealth increasing to $ 27 trillion. High-net-worth individual (HNWI) refers to people who maintain assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) with a value over US$ 1 million . A secondary level,

1886-466: The world. UHNW individuals "have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht." As of December 2022 , New York is the wealthiest city in the world with 340,000 HNWIs according to the World's Wealthiest Cities Report 2023 by Henley & Partners : The following list is a list of the cities with the most $ US millionaires as of December 2018 per

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1932-447: Was estimated that there are just over 16 million HNWIs in the world, according to the World's Wealthiest Cities Report 2024 by Henley & Partners . The United States had the highest number of HNWIs (5.5 million) of any country, with California , Texas , New York , Florida , and Illinois domiciling the majority stateside. New York City is the wealthiest and most populous city, with 349,500 HNWIs. UHNWIs constitute only 0.003% of

1978-547: Was founded in 2013 by University of St Andrews students and alumni. Membership to the St Andrews Angels is open to all University of St Andrews alumni, faculty and affiliated individuals. Non-affiliated individuals may be permitted to join if sponsored by a current member. To join as an investor however, individuals must qualify as having accredited investor status under Regulation D of the Securities and Exchange Commission in

2024-613: Was published by the Spear's Wealth Management Survey . Certain magazines, such as Monocle , Robb Report , and Worth , are designed for a high net worth audience. By 2012, according to Reuters , the UHNW individuals held $ 32 trillion in offshore havens, representing $ 280 billion in lost income tax revenues. Brands in various sectors, such as Bentley , Maybach , and Rolls-Royce actively target UHNWI and HNWI to sell their products. In 2006, Rolls-Royce researchers suggested there were 80,000 people in ultra-high-net-worth category around

2070-446: Was published in 1996. The World Wealth Report defines HNWIs as those who hold at least US$ 1 million in assets excluding primary residence and UHNWIs as those who hold at least US$ 30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$ 32.8 trillion, a 19.5% decrease from 2007. The UHNWIs experienced

2116-411: Was reported between 1938 and 1940. The law as originally introduced was different from the law which passed; the original draft granted more broad power to the SEC, while the final bill was a compromise between the SEC and industry which was drafted and submitted to Congress by joint members of the SEC and industry, and Congress ultimately passed a similar version, unanimously. David Schenker, who became

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