Provided is a practical heat insulating particulate pigment having high heat insulating properties. Provided therefore is a heat insulating particulate pigment having a cholesteric resin layer with cholesteric regularity controlled such that, in a wavelength range of 800 nm to 1,900 nm, the cholesteric resin layer has a band of reflecting 40% or more of incident light with a bandwidth equal to or wider than 200 nm.