Ultra-high net worth individuals in Singapore continue to indulge in investments of passion, a survey from the latest Knight Frank Luxury Investment Index has found.
In Singapore, a majority of 59 per cent of respondents ranked watches as the top investment of passion to be sought after in 2023, Knight Frank said in a press release. This was followed by wine and rare whisky, both with 45 per cent of respondents. Nicholas Keong, Head, Private Office, Knight Frank Singapore, said: “Passion for these luxury goods which were originally collected for pure personal enjoyment has now also evolved into investment-grade assets. It speaks of a very innate human desire to savour and enjoy what is rare and precious.”
When it comes to value, art, however, leads the overall KFLII as best performing luxury investment asset, with prices rising by 29 per cent in 2022, or 91 per cent over a 10-year period. Cars came in second place, rising by 25 per cent in 2022, or 185 per cent over the last 10 years.