Health insurance and High-Net-Worth Individuals

Health insurance and High-Net-Worth Individuals

15 February 2022 Insurance

In 2020, the number of High-Net-Worth Individuals (HNWIs) worldwide increased by 6.3% compared to the previous year, surpassing a 20-million landmark[1]. Nearly doubling in ten years, this demographic represents an important target for both wealth managers and health insurance organisations.

So, who are these (ultra-)wealthy individuals? What is their profile and what do they need in terms of health insurance? Foyer Global Health sheds light on this nomadic clientele looking for high-value health insurance services…

Who are the HNWIs?

At least $1 million in liquid financial assets

Originally used in the finance industry, and more specifically by wealth managers, the term ‘High-Net-Worth Individuals’ refers to individuals having “investable assets of USD 1 million or more, excluding primary residence, collectibles, consumables, and consumer durables[2].”

According to Capgemini’s 2021 World Wealth Report[3], their wealth increased by 7,6% between 2020 and 2021, nearly reaching $80-trillion.

Where do the HNWIs live?

Nearly 62% of the HNWIs live in the US, Japan, Germany or China. While many HNWIs were living in Sydney, Singapore or Melbourne in 2020, most of them live in the United States, ahead of the Asia-Pacific region (+11.3% compared to 2019). North America clearly leads the 2020 global HNWI wealth ranking with $24.3 trillion, followed by Asia.

The HNWIs: a dynamic, heterogeneous, and nomadic group

In recent years, the HNWIs segment should be limited to the stereotype of rich people. It has diversified to include more millennials, women, and Gen Z wealthy individuals. They are mostly described as risk takers, digitally savvy and hyper mobile, all the while demanding highly customised support.

What are the HNWIs’ needs in terms of health insurance?

High-Net-Worth Individuals look for tailor-made international health coverage that clearly matches their needs. So, concretely, what do they want?

  • A digital experience

Wealthy individuals are keen on technological solutions; they are among the early adopters of digital technologies that end up becoming more widely available. They are looking for a digital experience, including health coverage services, such as online medical consultations.

  • Hyper-personalised services

Although the HNWIs segment is quite heterogeneous, its members all share the same taste for individual, tailor-made support, fitting their specific needs and lifestyle.

  • Flexibility

Their wealthy nomadic life calls for highly flexible support, adapting to their travel schedules.  They may need to be able to buy a watch in Geneva and return it in Singapore, but they also may wish to see a cardiologist in New York and have a moxibustion session in Hong Kong…

  • Freedom

The HNWIs want to be able to freely choose a doctor or healthcare institution best suited to their needs and have access to a wide network of world-class medical facilities.

  • Excellence and Efficiency

HNWIs are looking for excellence and efficiency; they expect their advisors and partners to go beyond their expectations.

The HNWIs’ ideal health insurance should provide top-notch, holistic private international health coverage, embodying the perfect balance between a digital experience and tailor-made support.

Why are Foyer Global Health’s insurance coverage solutions the perfect match for HNWIs?

  • Mobility is part of our DNA; our clients come from all over the world, and we fundamentally understand their need for flexibility.
  • Our “Exclusive” health plan is a premium international health insurance policy specifically designed for highly demanding expatriates who, just like the HNWIs, are looking for comprehensive and top-notch services.
  • Unlimited coverage worldwide
  • Fast and efficient medical support across the globe
  • Our health services are tailor-made: they fit our clients’ ambitions and destinations
  • We believe in digital solutions: you have access to user-friendly multilingual online medical services 24 hours a day, seven days a week
  • Our advisors provide you with customised support, adapting to your travel schedule and your life plans

Need more information on our “Exclusive” health plan? Reach out to our advisors!




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