Millionaires Invested More in Art, Luxury in 2010 Says World Wealth Report

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ZURICH (REUTERS).- Demand for art, watches, rare wines, vintage cars and other offbeat investments that set pulses racing expanded in 2010 as wealth levels of the world’s super-rich rebounded from the financial crisis, a report said. “The value of many categories of investments of passion rose and HNWIs (high net-worth individuals) made acquisitions for the aesthetic and emotional appeal and their potential to return value,” Capgemini and Merrill Lynch said in the World Wealth Report 2011 published on Wednesday. Growing wealth in emerging economies, especially in Asia — which surpassed Europe in millionaires and wealth last year — helped spur a revival in markets for these aptly named investments, the authors of the report said. In times of low interest rates and volatile stock markets, alternative investments allow investors to diversify by buying