Investments of passion
29/08/2008
The pursuit of investments of passion by the world's richest remains undeterred by economic volatility according to the 2008 World Wealth Report just released by Merrill Lynch and CapGemini.
Globally, fine art retained its position as one of the most popular investments of passion said the report.
Demand was greatest for contemporary and iconic art in mature and emerging markets alike.
Similiar to previous years, more European (22%) and Latin American (21%) HNWIs invested in fine art than did their North American (11%), Middle Eastern (10%) or Asian counterparts (13%) in 2007.
Worldwide, HNWIs spent 15.9% of their "investment of passion" dollars on fine art exceeded only by Luxury Collectibles at 16.2%, said the report.
