2012 World Wealth Report: Passion Investments Gain in Popularity
When the 2012 “World Wealth Report” from Capgemini and RBC Wealth Management was released on Tuesday, the growth of Asian millionaires led the news because it was the first time that Asia-Pacific had more millionaires than North America. But behind the headlines were a few more interesting bits of data for private wealth managers.
According to the report, so-called “investments of passion,” including art, jewelry, and memorabilia, attracted interest as substitute investments in 2011, especially among the emerging-market crowd. So if you don’t know the difference between, say, a Monet and Manet, or hadn’t heard that Joan Miro’s 1927 work Peinture (Etoile Bleue) sold for a record US$36.9 million at a London auction this week, it may be time to brush up on some of the finer things in life — including art history — so you can keep up with your clients’ interests. Read more.EmailSharePrint