36% of global investors to increase luxury spending in 2014.
Jewellery has been described as the fourth most desirable ‘investment of passion’ choice for Europe’s wealthiest individuals by Knight Frank Research’s ‘The Wealth Report 2014’.
As reported by Rapaport, Europeans are more likely to invest in wine, art and watches before fine jewels.
In North America, jewellery as an investment of passion ranks third behind art and watches.
In other areas of the world, jewellery hit the number one top-spot for ultra-wealthy investors. According to research, jewellery is the most collected and pleasurable asset in Africa, Asia, Latin America, the Middle East and Russia, whereas jewellery ranks third in the Australasia region.
Diamonds as an investment of passion ranked fifth globally, placing third in Asia, fourth in Africa, the Middle East and Russia, fifth place in Australasia and Latin America and sixth place in Europe and North America.
Overall, the most popular luxury item for rich investors globally is art, followed by wine, watches, cars, diamonds and jewellery.
Knight Frank Research also found that 36% of wealthy investors globally are expected to increase their spending on luxury goods in the next 12 months.
Additionally, 61% of respondents said they make an investment of passion simply for “personal pleasure”, compared to just 15% who purchase items as status symbols and 1% who purchase items because they are fashionable.
The Wealth Report compiles surveyed data from 23,000 ultra high-net worth individuals with an average net worth of $68 million.