The Financial Times reports the worldwide market for luxury goods will hit $1.5 trillion this year — about equal to the entire economic output of Spain or Australia — as the number of wealthy grow in emerging markets like Brazil and China.
Read: No let up in China’s demand for luxury
Boston Consulting Group says spending on experiences, such as safaris, grew 50% faster than on goods last year. The overall market will expand 7% this year.
As the FT reports: “The gap in income inequality is growing, which is unfortunate, but as a result there are more and more millionaires every year,” said Jean-Marc Bellaiche, a senior partner at BCG and co-author of the latest report.
Read: Pay rates for Wall Street CEOs up last year
If your clients are millionaires, they may be looking to invest in status symbols to bolster their portfolios. Here are some how-to articles to help them get richer.
Place bets on racehorse investing
The many facets of jewelry investing
Antique violins a sound investment
Help clients buy a piece of history
Go ahead, buy a private island
Should your client buy a sports franchise?
Art adds beauty to the portfolio
