The term "High Net Worth Individual or HNWI" is used to refer to persons with high personal capital in the financial services industry. Liquid assets are accounted for as net worth, as a rule. In Singapore, there is a clear definition of the term, and it is specified in the Release Guide for specialized units serving high net worth under Section 100 (2) of the Law on Financial Advisers (Guidelines on Exemption for Specialized Units Serving High Net Worth Individuals Under Section 100 (2) of the Financial Advisers Act).