There is no definitive definition of a high-net-worth individual. However, it is generally considered to be an individual with $1,000,000 or more in liquid investable assets, excluding the value of any homes or illiquid investments.
You'll find a variety of definitions and uses of the term "High Net Worth" in the financial industry. And frankly, there are a lot of advisors who misuse the term...which is why there are so many firms with "wealth management" in their name that don't actually provide genuine wealth management.
I hate "categorizing" people but here's one set of definitions:
Mass Affluent -- $100,000 to $1 million (of investable assets) High Net Worth -- $1 million to $5 million Very High Net Worth -- $5 million to $50 million Ultra High Net Worth -- over $50 million
Some have raised the bar for their definition of High Net Worth to the $2 to $3 million range.
Most such definitions focus on investable assets. However, someone who has little in investable assets but owns a business or multiple income properties worth $3 million, for example, actually has High Net Worth under the term's original (accounting) definition.
Hope that helps. All the best!
Perhaps your questions is motivated by the "Advisor Client Types" pie chart in our profiles. That is driven by regulatory filings with the SEC or State regulator. Section 205-3 of the Advisers Act defines High Net Worth for filing purposes as a client with at least $1mm of assets under management with the advisor or a net worth excluding primary residence of $2mm. These values were increased recently from $750k and $1.5mm respectively.
In our firm we serve high income and or high net worth individuals. Notice the words and or. We will take on as clients who do not have a high net worth but do have a high income. High income may mean $200,000 a year for a couple; a lot depends on their age, type of jobs they have, type of industry they are in. High net worth includes the idea that to justify our annual fee-only fee we need to be advising on a fair amount of investments, around $1,000,000.