A high-net-worth individual (HNWI) is a person with a high net worth. In the western, and primarily American, private banking business, these individuals typically are defined as having investable finance (financial assets, excluding primary residence) in excess of US$1 million. However, there are distinct classifications of HNWI and the exact dividing lines depend on how a bank wishes to segment its market. For example, an investor with less than US$1 million but more than US$100,000 is considered to be “affluent”, or perhaps even “Sub-HNWI”. “Very-HNWI” (VHNWI) can refer to someone with a net worth of at least US$5 million. By 2007, the expansion of HNWI assets led to the creation of a super class of HNWIs, known as Ultra-high-net-worth individuals (UHNWIs), i.e. those with US$30 million in liquid financial assets according to the Capgemini and Merrill Lynch World Wealth Report 2006 or with a disposable income of more than US$20 million. At the end of 2013, there were just over 13 million HNWIs in the world. The United States of America had the highest number of HNWIs (4,034,000) of any country, whilst London had the most millionaires (339,200) among cities.