Wealthy individuals are more likely to spend their cash on jewelry than other luxuries, according to the “2013 World Wealth Report.”
The report, published by technology firm Capgemini and RBC Wealth Management, found that 32 percent of individuals with high net worth across the globe said their preferred “investment of passion” was jewelry, gems, or watches.
By comparison, 24 percent said they spent their money on wine, coins, and antiques; 19 percent preferred to indulge in luxury cars and boats; and 17 percent purchased art.
Geographically speaking, the percentage of wealthy buyers investing in jewelry jumped to 35 percent in the Middle East and 34 percent in Latin America. The percentage of North American luxury shoppers looking for gems and watches fell shy of the report’s global average at 30 percent.