A high-net-worth individual (HNWI) is a term often used in the financial services industry to describe an individual with at least $1 million in cash or liquid assets.

Most often, due to their substantial wealth, high-net-worth households require additional services from a financial advisor or financial planner. Some of the customized financial services for HNWIs include estate planning, investment management, retirement planning, charitable planning, tax planning, and more.


Want to know if you constitute as a high-net-worth individual? Luckily, calculating your liquid net worth is pretty simple. The formula is the total value of your liquid assets minus all of your liabilities. A liquid asset is something you own that can quickly and simply be converted into cash while retaining its market value like cash, savings accounts, checking accounts, mutual fund shares, money market accounts, stocks, and bonds. A liability is something you owe a debt or financial obligation to including a vehicle loan, credit card bills, mortgages, taxes (property taxes, income taxes, sales tax), student loans, and accounts payable.


For example, consider a household with $1.5 million in assets including home equity, bank account balances, antiques, vehicles, and investment accounts. Let’s say of that, $1 million are liquid assets. The household’s liabilities consist of its unpaid mortgage balance, student debt loan, credit card debt, and an outstanding vehicle loan balance totaling $300,000. The net worth of this hypothetical scenario would be $700,000, therefor not constituting them as HNWIs.

Keep in mind, when determining if someone is a high-net-worth individual, generally only their liquid assets are considered. If you would like to simply calculate your net worth, the formula would be the total value of all of your assets minus all of your liabilities.


The financial services industry often classifies wealthy, high-net-worth individuals into three categories sandwiched in-between affluent individuals (net worth of $500,000-$1 million) and billionaires (net worth of $1 billion and up).

  • High-Net-Worth Individuals (HNWIs): An individual or household who hold liquid assets valued between $1 million and $5 million.
  • Very-High-Net-Worth Individuals (VHNWIs): An individual or household who hold liquid assets valued between $5 million – $30 million.
  • Ultra-High-Net-Worth Individuals (UHNWIs): An individual or household who hold liquid assets valued over $30 million.


  • According to the Capgemini 2020 World Wealth Report1, the U.S. is home to the most HNWIs in the globe. In fact, in the United States, the HNWI population shot up 11% in 2019 compared to only a 1% in 2018.
  • The U.S. joins Japan, Germany and China in accounting for 61.6% of the world’s HNWI population.
  • According to Spectrem Group’s Market Insights Report 20212, the number of HNWI households increased by 600,000 to 11.6 million in 2020, a 5.5 percent increase over the previous year.
  • Of those investors with $5 million or more in investable assets, about 70% maintain some type of relationship with a financial advisor3.


Becoming a millionaire is not complicated, it just takes discipline and consistency. There are many variables that come into play when working to increase your net worth—some that you have 100% control of like your spending habits and work ethic/money mindset, some that you have 0% control of like unexpected emergencies and the markets’ returns, and some in-between.


The earlier you start investing, the easier it is to reach your goals. View the graph below to see the monthly savings needed to accumulate $1 million by age 654. At age 25, roughly $381 of monthly savings are needed to accumulate $1 million by age 65, whereas at age 55, roughly $5,778 of monthly savings are needed to accumulate $1 million by age 65.

Of course, how much you actually earn depends on how well your investments do, but by starting to save early, you can take advantage of compound interest and be one step closer to reaching your financial goals.

Do you have questions? Contact the Dobyns Wealth Team today to schedule a consultation!


1 Capgemini World Wealth Report (2020) – https://www.capgemini.com/nl-nl/wp-content/uploads/sites/7/2020/07/World-Wealth-Report-WWR-2020.pdf

2 Sprectrem Group’s Market Insights Report (2021) – https://spectrem.com/Content_Product/2021-market-insights.aspx

3 Cerulli, “High-Net-Worth and Ultra-High-Net-Worth Markets 2014,” (2014)

Raymond James using Ibbotson Presentation Materials. Morningstar (2010)

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.