The 10th edition of the Knight Frank Wealth Report was released on Wednesday, and it gave an insight into what the Ultra-High-Net-Worth Individuals (UHNWIs) are spending their money on. UHNWIs are defined by having assets of $30m or more.
Real Estate only made up a quarter of UNHWIs spendable wealth, while almost 70% of those asked felt more conscious about displaying their wealth in public.
That hasn’t stopped them spending a lot more money on all kinds of things in the last ten years. But what’s notable is just how much more they’re spending. While the demand for luxury property has stagnated since the crash, the appetite for other commodities and collectibles has grown by a staggering amount.
Check out our list below.
Cars — Yes, wealthy people still really like cars. Knight Frank recorded a 490% growth in the price of automobiles in the 10 years since its last Luxury Index report. Supercars, which can cost over a $1 million in some cases, are popular, but the report said that “eight of the 25 cars ever to have sold for over $10 million at auction went under the hammer in 2015.”
Wine — The ultra rich not only enjoy drinking the best wine in the world, they also like to invest in it. The index showed a 241% price jump in wine spending over the last decade. The report notes that many “investment-grade Bordeaux wines have now started to recover from the slump induced by the sharp drop in Chinese demand.”
Coins — Collecting coins is rather lucrative as a long term investment strategy as prices for rare pieces have risen 232% in the last 10 years. For example, the first dollar coin ever issued in 1795 by the US government is also the most expensive ever bought. It sold for $7.85 million in 2005.
See the rest of the story at Business Insider
These are the 11 things the "ultra-rich" are spending their money on
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