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Published 13 August 2012 05:50, Updated 14 August 2012 04:59
People with more than $US25 million in investable assets favour art and jewellery and would like to own more beachfront real estate.
These high net work individuals also favour the United States and the United Kingdom as locations for a second home, although Singapore is also popular, according to a profile of the mega rich Business Insider has dug out of Knight Frank’s and Citi Private Bank ‘s The Wealth Report 2012.
The Wealth Report defines high net work individuals as people with more than $US25 million in investable assets and of the people surveyed the average net worth was more than $US100 million.
According to BI’s reading of the report, these people exhibit the following preferences:
As for broader trends in luxury spending, Knight Frank and Citi cite Verdict Research to note that global spending on luxury goods rose 17 per cent in 2011 to exceed pre-credit crunch levels.
“Consumers in the Asia-Pacific region have driven much of the growth. Luxury car manufacturer Bentley, for example, doubled its sales in China last year to 1839,” according to the Wealth Report. “The Asia-Paciﬁc region now accounts for almost 27 per cent of luxury spending worldwide, up from 16 per cent ﬁve years ago. This will rise to as much as 33 per cent by 2015, predicts Verdict.”
But if you’re a mega-yacht builder, the news is not so good: “Sales of bigger-ticket luxury goods are taking longer to recover. A report by ShowBoats International magazine reveals 728 yachts over 80 feet long are on order worldwide this year, compared with 753 under construction in 2011 and 27 per cent down on 2009 when 1008 boats were on order”.