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Singapore super rich cited books as most favorite luxury item
More than 12% of Asian high net worth individuals intend to cut equity shares amid the volatile market but not on their investments of passions.
According to a joint study by Knight Frank and Citi Bank titled "Wealth Report 2012," at a time of turmoil in the markets, art, wine and sport look like steady investments, routinely outperforming indices such as the FTSE 100. And if times get really hard, investments of passion can still be enjoyed, it said.
"A growing number of investors are discovering that life’s luxuries and pleasures can also make profitable investments. Art, wine and sport, so-called “investments of passion”, are enjoying a growing popularity
among investors and, according to the results of The Wealth Report Attitudes Survey, saw a sharp rise in demand in 2011," it added.
The proportion of HNWIs expressing a greater interest in fine art investments rose by 25% compared with 2010. Wine was up by 11%, and even the expensive business of investing in sports teams showed no
real overall decline in popularity.
The results of the Attitude Survey conducted by the Citi Private Bank to over 4,000 individuals worth on average over $100m each are as follows:
American HNWIs appear particularly sports mad with 24% more interested in investing in a sports team but Asian counterparts are not with 6% planning to cut spending in this item.
When asked individually on their favorite items, here are what the majority answered:
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