Global rich also turn hobbies into wealth

Shanghai (CNS) -- The global rich are developing their hobbies into real businesses, a trend that appeared suddenly in 2011, according to the Wealth Report 2012, whose Chinese version was released on Thursday.

During the current global depression, the rich turn to hobby investments, which, just like mansions, are categorized as tangible assets that are less risky than buying stocks.

The report, the latest work of Knight Frank in conjunction with Citi Bank, found that wine, art and sports are the major interests of the rich, for fun and for business.

In particular, wine investments are gaining in popularity. About 37 percent global and 50% Asian wealthy population are interested in the area, respectively 11 percent and 29 percent more than in 2010.

The fever has spread to vineyard acquisition, and the Chinese rich are most notably active. In Bordeaux, more than 20 vineyards are registered under Chinese names.

Wine industry insiders note the timing of investment decisions, as most vineyard owners are offering low prices during the economic downturn that is spreading across the Atlantic.