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World's super rich keep buying up luxury goods in face of wealth decline

Discussion in 'Market News' started by Lily, Mar 2, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Sales of super-yachts rose 40% last year despite number of millionaires and ultra rich falling, according to wealth report

    The global super rich continued to splash out on super-yachts and luxury goods last year, despite a decline in their overall wealth in the wake of financial market turmoil.

    According to the latest wealth report from estate agents Knight Frank, published on Wednesday, sales of super-yachts – boats longer than 24 metres – soared 40% in 2015, with the rich roaring off to ever more far-flung destinations, such as the Antarctic and outposts in Asia, rather than their traditional ports of call in the Mediterranean and the Caribbean.

    Related: World's 20 richest people are $70bn poorer, says Forbes

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