High net worth?

[JodyMitchell]

Why and when did people start saying high net worth instead of rich/wealthy? Eg. Knightsbridge is frequented by high net worth individuals. I find it a bit annoying, like people who say vehicle instead of car. I think they think it makes them sound more serious and interesting but in fact it sounds a bit try hard. Or does high net worth mean something specific and different to rich?

It’s really annoying, but it’s been a thing for decades. When I was working on a finance magazine in the 90s, I used to change references to high net worth individuals to “rich people”.

We use it at work as it sounds more professional. Rich has come to have more negative connotations I guess. I use rich outside of work though.

Well "high net worth" is more accurate whereas "wealthy" can often mean "inherited a country pile but can't afford to fix the electrics or the roof leak" and "rich" sounds a bit tabloidy for what sounds like a descriptor used in internal marketing comms?

It’s UHNW now. HMW is too common.

HNW is a distinct financial term for people with liquid assets of £1m+, they are considered separately under FCA rules when it comes to making investments. It is probably used in more general circumstances for ‘wealthy’ people though.