Super-rich Still Spending On Luxury Items

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    The population of super-rich individuals may be shrinking, but it seems the world’s wealthiest are still finding the cash to splash out on luxuries like classic cars and jewelry. The number of ultra-high net worth individuals ‒ those with assets of more than $30 million excluding their main property ‒ has fallen by three per cent, says research by New World Wealth for the ‘Knight Frank Wealth Report.’ It’s the first fall in seven years and means there are now 187,500 super-rich individuals globally, down from 193,100 in 2014. Despite the downward shift, blamed on slower economic growth and a more volatile financial climate, spending on luxury items is on the rise. In fact, the value of the overall Knight Frank Luxury Investment Index (KFLII) rose by seven per cent during 2015. Classic cars, with a rise of 17 per cent, were the top performer in the index which tracks the price growth of 10 luxury investments sectors. Wine and luxury watches both increased by five per cent, while jewelry saw a rise of four per cent.