Watches, wine, and rare whisky top ultra-rich Singaporeans’ luxury collectibles

Knight Frank reported a 7% increase in the luxury investment index.

Amidst market uncertainty, ultra-high-net-worth individuals in Singapore prefer to invest in luxury items such as watches (59%), wine (45%), and rare whisky (45%). 

In a statement, the Knight Frank Luxury Investment Index (KLFII) posted a 7% rise in the 12 months to the end of June 2023. The index tracks 10 luxury collectibles. 

“This was a credible performance compared with the FTSE 100 index of equities, which rose by 5%; and gold which was up in value by just 1% over the same period,” Knight Frank said.

Perhaps tangible assets have also been affected by the economic situation as this KLFII is the weakest annual performance found since the second quarter of 2021.

In the APAC region, ultra-rich individuals are most interested in buying art (52%), watches (48%), and wine (45%). Globally, art (30%) tops the index, followed by watches (10%), and jewellery (10%).

Nicholas Keong, head of the residential and private Office, Knight Frank Singapore said “new collectors should focus on what makes them happy – perhaps that is more significant, now that value appreciation is not guaranteed in these asset classes.”