The Merrill Lynch - Capgemini World's Wealth Report 2009 defines High Net Worth Individual HNWIs as those who hold at least US$1 million in financial assets and ultra-HNWIs as those who hold at least US$30 million in financial assets, with both excluding collectibles, consumables, consumer durables and primary residences. 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 ultra-HNWIs experienced the greater loss, losing 24.6% in population size 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%.
One of the major focus for our practice is the high net worth individual. It is our ultimate goals to manage your routine tax affairs enabling you to focus on your long term goals, and to counsel you regarding the best tax positions for significant transactions. We work closely with you to understand your comprehensive financial picture, create a customized financial plan and put that plan into action by identifying and prioritizing your long-term goals, such as wealth creation, wealth preservation, wealth transfer, or charitable donations. Our firm offers personalized services that are not available at regional and national firms, without sacrificing the breadth of experience or the quality of services we offer.
Kustov & Associates, Inc. provides full tax and related accounting services to the following types of high net worth individual clients: