FINANCIAL crisis, what financial crisis? It looks like the rich haven't noticed the global economic meltdown. While all corners of world embrace a new age of belt tightening, wealthy people are snapping up status symbols such as yachts, artworks, luxury cars, and expensive jewellery with renewed vigour, new research reveals.
And not only are the rich splashing out on expensive toys, more people are joining their ranks in the millionaire's club.
Two reports released by Merrill Lynch Wealth Management and Capgemini reveal that "high-net-worth individuals", defined as people with at least $US1 million ($966,000) in investable assets (excluding their home), rose by 8.3 per cent in a year to 10.9 million people last year, The Australian reports.
The reports show Europeans spend more on art, for both investment and aesthetic reasons, whereas wealthy people in the Middle East are more likely to buy diamonds and jewels. Read Here
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