No Newsflash Here, The Rich Love Their Toys
What do the rich spend their money on? The 2007 World Wealth Report reveals that what the world's rich spend their money on. The assets of high net worth individuals rose by 11.4 percent, showing the first double-digit growth in seven years. The report counted people with liquid assets of over $1 million (around 9.5 million people) and found that 1.8 percent of their portfolios, a whopping $670 billion total was spent on "investments of passion." About 26 percent of this money went to luxury cars, yachts and private jets. In Europe, one quarter went to art. Jewelry earned about 18 percents of the investments of passion with another 14 percent going to collectibles such as wine, antiques and coins. Another six percent included investments in sports including buying teams, race horses and sailboats. Not any big surprises here, the rich enjoy their toys but also see investing in things they are passionate about as having value in the future.
