Africa's wealthy profit from their passions
Classic cars, fine wine and rare art are not frivolous investments
Most of us know better than to mix business with pleasure, but for the world's high-net-worth individuals this is a rule they can afford to break. For the super-wealthy, treasured possessions and passions may become investments, with returns sometimes outstripping those made through traditional assets such as property and commodities. "Investing in art, cars and other collectables is fast catching on in Africa for investors looking for more creative ways to diversify their portfolios," said Bongani Khulu, head of family office and client engagement at Barclays Africa. In Africa the hottest trend in the collectables market is the classic car, while the most mature collectables market is art, which is often multi-generational, said Khulu. Fine wines and ultra-expensive watches are also emerging as popular ways for the continent's high-net-worth individuals to store their wealth. According to the 2017 AfrAsia Bank Africa Wealth Report, high collectables accounted for $8.8-billion (R123...
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