If we’re still tentatively recovering from a financial crash, the world’s wealthiest people didn’t get the memo.
The 10th edition of theKnight 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.
Art — Collecting seems to come with the territory when you’re ultra rich, especially since prices have grown 226% over the last decade. Purchasing art is an investment as much as hobby for the Ultra Rich. The most expensive painting ever bought was a Willem De Kooning (pictured) for $300 million in 2015.
Stamps — The world’s wealthiest invest in collecting rare stamps, much like how they do with coins. Rare stamps have seen a price increase of 166% since Knight Frank’s last report. The world’s most valuable stamp is the “British Guiana 1 Cent Magenta”, the last surviving stamp from a range released in 1856, worth over £6.4 ($8.9) million.
Jewellery — Whether it’s to put in a vault or on their bodies, the ultra rich have always liked gold — mainly because it’s seen as a safe haven. Jewellery prices have grown 155% in the last decade. L’Incomparable diamond necklace (pictured) is the most expensive ever sold at $55 million.
Coloured Diamonds — Precious gems are always a favourite with the wealthy but coloured diamonds have become particularly fashionable over the last decade, with prices ballooning by 67%. According to Forbes, the world’s most expensive diamond ever sold is the Wittelsbach-Graff diamond. It went for $80 million in 2011.
Watches — They may have fallen by the wayside for many with a phone, but the ultra rich still like an expensive way to tell the time. Prices for watches have increased 67% over the last ten years. The Breguet Grande Complication Marie-Antoinette is thought to be the world’s most valuable watch. It’s thought to be worth around $30 million.
Chinese ceramics — However you pronounce them, vases remain a huge business. Their popularity with Ultra Rich has grown 50% since 2006. An 18th Century Chinese vase was sold for £53 million in 2010.
Furniture — A huge mansion needs a lot of furniture, and the Ultra Rich’s appetite for expensive sofas, tables and beds has increased 21% over the last half-decade.
Yachts — The rite of passage for the super rich is to own a home on the sea. Luxury yacht sales grew 66% between 2009 and 2014. Chelsea Football Club owner Roman Abramovich is the lucky owner of the world’s most expensive operational yacht, called The Eclipse. In fact it’s so expensive no-one can really say how much it’s worth anymore, with guesses ranging from $450 million to $1.2 billion.