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Purpose Limited research has examined the segment of ultra-high-net-worth individuals (UHNWIs). This study aims to explore how this segment self-presents with regard to luxury on Instagram. Design/methodology/approach We use a qualitative research approach to content-analyze 815 publicly available photos on Instagram. The analytical approach involves multiple stages and yields three key themes. Findings Through Instagram images, UHNWIs engage in inconspicuous consumption via subtle displays of luxury possessions and more cues that indicate luxury experiences, power and social connections. The results further identify four dimensions of self-presentation in luxury consumption on social media: ostentatious, humble, revealed and hidden. Research limitations/implications The study adopts an inductive approach to identify themes related to UHNWIs’ self-presentation on Instagram. Other research could adopt a quantitative approach to identify drivers of the various themes. In addition, the unit of analysis was the photo posted by the UHNWI rather than the UHNWI himself or herself. Further research might explicitly consider the overall profile of each UHNWI and their holistic approach to posting with a view to developing a typology of UHNWIs based on the way they self-present and portray their luxury consumption. Practical implications Luxury marketers should focus on inconspicuous products and experiences that allow the UHNWIs to decelerate and spend time with their loved ones, access rare experiences and demonstrate power via their networks. Originality/value We extend prior research on self-presentation on Instagram. The authors focus on UHNWIs, a neglected yet significant segment of the luxury market.

The study offers a thorough examination of the accumulation and distribution of wealth among billionaires through the application of big data analytics methodologies. This research centres on an extensive dataset known as \"Billionaires.csv,\" [19] which encompasses a range of information about billionaires from diverse nations, including their demographic characteristics, company particulars, sources of wealth, and more details. The study aims to get a deeper understanding of the determinants that change the net worth of billionaires and detect trends in the worldwide financial system that can guide entrepreneurial ventures and investment possibilities. The dataset is subjected to analysis and visualisation through the utilisation of Python tools and libraries, including but not limited to Pandas, NumPy, Matplotlib, and Seaborn. The results of this study offer valuable insights into the distribution of wealth among billionaires, the factors that contribute to industry success, gender disparities, age demographics, and other factors that influence the accumulation of billionaire wealth.

Wealth management services for high-net-worth individuals in Taiwan have grown rapidly over the last decade. This study used a decision-making trial and evaluation laboratory approach to identify the criteria affecting the performance of Taiwan wealth management banks during the coronavirus disease (COVID-19) period. This research surveyed 17 executives from Taiwanese banks using 13 criteria covering three dimensions: bank performance, professionalism, and customer relationship. The results indicated that customer relationship and professionalism have an influence on key performance. Customer involvement (in customer relationship), innovative products and services (in professionalism), and customer satisfaction (in key performance) are the most influential criteria. The results suggest that banks can attract and retain customers by increasing their uses of products and services, developing innovative products, and improving customer satisfaction despite the negative effect of COVID-19. The findings of this study benefit wealth management bank managers in sustaining fee and commission income from high-net-worth customers in the midst of adverse social and economic events.

This paper studies how high-net-worth individual (HNWI) investors changed their risk preferences during the Global Financial Crisis (from 2007 to 2009) and how their asset allocation evolved in the same period. We had access to a confidential database from a Swiss international private bank with two samples of risk preferences questionnaires (suitability tests) filled by the same HNWI investors in 2007 and 2009. We compared the suitability tests’ suggested investment profiles to those investors’ real asset allocations at the same moments in time. We estimated correlation coefficients and ran hypothesis tests to examine if the changes in risk preferences during the period were statistically significant. Findings: HNWI investors’ risk preferences changed during the period, but the gap between their self-assessed risk preference and their real asset allocation narrowed, suggesting that they have a convex value function curve. We found evidence consistent with the psychological risk-as-feelings model, as lower risk-exposed HNWI investors also tended to decrease their risk preference level during a crisis. The evidence also suggests a stronger preference for cash during the crisis period, confirming the results of studies that have focused on the importance of liquidity during external shocks.

Purpose This paper aims to analyse the profiles of high net-worth individuals (HNWIs) who were caught for tax malfeasance during a tax audit and to examine factors that influence tax malfeasance among HNWIs in Malaysia. Design/methodology/approach This paper examined 235 HNWIs who were involved in tax malfeasance after audited by the Inland Revenue Board Malaysia from year 2009 to 2013. A research model was developed to examine the influence of four independent variables which are tax rate, level of income, source of income and taxation performed by tax professionals on tax malfeasance. Findings Multiple regression was used to test the proposed research model. The findings show that source of income and taxation performed by tax professionals influence tax malfeasance among HNWIs in Malaysia. This study also uncovers no significant relationship between tax rate and level of income with tax malfeasance of HNWIs. Originality/value This study could be the first in Malaysia that has used actual audited data in examining tax malfeasance among HNWIs. This study provides important insights not only to the Malaysian tax authorities but also to tax authorities and tax researchers in other parts of the world, given the fact that tax malfeasance of HNWIs is a prevalent and universal problem.

We provide a systematic analysis of the properties of individual returns to wealth using 12 years of population data from Norway’s administrative tax records. We document a number of novel results. First, individuals earn markedly different average returns on their net worth (a standard deviation of 22.1%) and on its components. Second, heterogeneity in returns does not arise merely from differences in the allocation of wealth between safe and risky assets: returns are heterogeneous even within narrow asset classes. Third, returns are positively correlated with wealth: moving from the 10th to the 90th percentile of the net worth distribution increases the return by 18 percentage points (and 10 percentage points if looking at net-of-tax returns). Fourth, individual wealth returns exhibit substantial persistence over time. We argue that while this persistence partly arises from stable differences in risk exposure and assets scale, it also reflects heterogeneity in sophistication and financial information, as well as entrepreneurial talent. Finally, wealth returns are correlated across generations. We discuss the implications of these findings for several strands of the wealth inequality debate.

Purpose The purpose of this paper is to identify and analyse the characteristics of high net worth individuals (HNWI) as potential angel investor in Antofagasta, the main mining resource periphery in Chile. Design/methodology/approach Using the resource periphery approach and angel investing, the authors apply a survey to a sample of 37 HNWI in this region. The data collected were analysed using descriptive statistics. Findings Descriptive results show that the characteristics of these individuals do not significantly differ from those exhibited by angel investors in developed countries and that HNWI show a relative high willingness to become angels and to form a network. Research limitations/implications This paper has some limitations regarding the size and scope of the sample. It is a relatively short sample that does not allow to make more sophisticated analysis and it is only regional and, therefore, it is not possible to make a comparison at a national level. Practical implications From the perspective the design of policies and programmes oriented towards the promotion of a high potential start-ups in resources peripheries, it is essential to know what the characteristics of HNWI are and their propensity to become angel investors. Originality/value Research on angel investment has been traditionally based on the experience of core regions in developed countries. This type of funding source, however, can play a significant role in the promotion of development and diversification in resource peripheries due to the limited access that these areas have to traditional capital funds and the orientation of angel investment towards innovative ventures, but studies from this perspective are very scarce. In this sense, this paper is pioneer in this topic in peripheral regions. Propósito El objetivo de este artículo es identificar y analizar las características de las personas con alto patrimonio neto como potenciales inversionistas ángeles en Antofagasta, la principal fuente de recursos minerales en la periferia de Chile. Diseño/metodología/enfoque A través del enfoque de las periferias de los recursos naturales y la inversión ángel, se aplicó una encuesta a una muestra de 37 personas con alto patrimonio neto en esta región. La información recogida fue analizada usando estadística descriptiva. Hallazgos Los resultados muestran que las características de estas personas no difieren significativamente de los inversionistas ángeles en países desarrollados y muestran un fuerte deseo de ser inversionistas ángeles y formar una red. Limitaciones/implicaciones Este artículo presenta algunas limitaciones en relación al tamaño y el alcance de la muestra. Es una muestra relativamente pequeña y no permite realizar análisis más sofisticados y es solo a nivel regional y, por lo tanto, no es posible comparar a nivel nacional. Implicaciones prácticas Desde la perspectiva del diseño de políticas públicas y programas orientadas a la promoción de empresas de alto potencial de crecimiento en las periferias de recursos naturales, es esencial conocer las características de las personas con alto patrimonio neto y su propensión a convertirse en inversionistas ángeles. Originalidad/valor La investigación sobre inversión ángel ha estado tradicionalmente enfocada en la experiencia de las regiones centrales de los países desarrollados. Sin embargo, esta alternativa de financiamiento puede jugar un rol preponderante en la promoción del desarrollo y la diversificación en las periferias de recursos naturales debido al limitado acceso a fuentes de capital tradicionales y la orientación de la inversión ángel hacia emprendimientos innovadores en estas regiones. Los estudios desde esta perspectiva son muy escasos. En este sentido, este artículo es pionero en la investigación de la inversión ángel en las regiones periféricas de recursos naturales.

We show that deterioration in household balance sheets, or the housing net worth channel, played a significant role in the sharp decline in U.S. employment between 2007 and 2009. Counties with a larger decline in housing net worth experience a larger decline in non-tradable employment. This result is not driven by industry-specific supplyside shocks, exposure to the construction sector, policy-induced business uncertainty, or contemporaneous credit supply tightening. We find little evidence of labor market adjustment in response to the housing net worth shock. There is no significant expansion of the tradable sector in counties with the largest decline in housing net worth. Further, there is little evidence of wage adjustment within or emigration out of the hardest hit counties.

I model the equilibrium risk sharing between countries with varying financial development The most financially developed country takes greater risks because its financial intermediaries deal with funding problems better. In good times, the more financially developed country consumes more and runs a trade deficit financed by the higher financial income that it earns as compensation for taking greater risk. During global crises, it suffers heavier losses. Its currency emerges as the reserve currency because it appreciates during crises, thus providing a good hedge. I provide evidence that financial net worth plays a crucial role in understanding this asymmetric risk sharing.

This article studies the full equilibrium dynamics of an economy with financial frictions. Due to highly nonlinear amplification effects, the economy is prone to instability and occasionally enters volatile crisis episodes. Endogenous risk, driven by asset illiquidity, persists in crisis even for very low levels of exogenous risk. This phenomenon, which we call the volatility paradox, resolves the Kocherlakota (2000) critique. Endogenous leverage determines the distance to crisis. Securitization and derivatives contracts that improve risk sharing may lead to higher leverage and more frequent crises.