Abstract
This chapter takes an economic view of the investment behavior of high net worth individuals (HNWIs), including: the psychological aspects of private wealth and the practice of wealth management, the current trends affecting the players and markets, and empirical findings on wealth creation and distribution that have fueled policy debates. As the chapter shows, wealth concentrations and scarcity of skills have attributed to institutional advantages for HNWIs and the highly skilled, including higher returns on physical and human capital investments. Besides achieving financial returns, HNWIs want to use their private wealth to have a social impact. Wealth managers respond to the attitude and behavior of HNWIs by shifting the focus from investment products and transactions to holistic investing and goal-based wealth management.
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