Why are the ultra-rich collecting luxuries and rare items? It's not to flex their financial muscle

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The ultra-rich people are known for collecting art pieces, classic cars, and other luxury items. But it's not about flaunting their wealth, it's one of the ways they grow it.
Photo: Getty Images
The ultra-rich people are known for collecting art pieces, classic cars, and other luxury items. But it's not about flaunting their wealth, it's one of the ways they grow it. Photo: Getty Images

There's a reason why wealthy people buy classic cars, collect luxury handbags, fines wines, and rare whiskey - and it might not be what you think. While the aesthetic of a Louis Vuitton or being the envy of other road users might have some influence, these luxury "passion assets" are one way the ultra-rich are diversifying their wealth, says Elite Risk Acceptances.

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