The wealthy collect for the fun of it
Wealthy Minnesotans like their collectibles. A recent BMO Private Bank study of Minnesotans with at least $1 million in investible assets found that 63 percent of the state’s wealthy engage in some form of hobby investing.
The most popular passion among affluent investors is art (27 percent) followed closely by antiques (25 percent). Jewelry and coins make up 22 percent each and 17 percent collect sports memorabilia.
Why do they collect what they collect? It’s not so much about showing off their investments, although 20 percent said that was part of the reason. Investment potential and creating a legacy for heirs play a role. But most respondents (60 percent) said they do so simply because it’s “fun.”
Nationally, 68 percent of high net worth individuals engage in some form of hobby investing. The study is the fifth and last in a series by BMO Private Bank examining trends among the affluent. The study, which broke down the trends by state, found wealthy Wisconsinites are more likely to be hobby investors, with 70 percent investing in collectibles. And no, it’s not Packer fans collecting sports memorabilia: Sports items don’t even crack the top four categories; classic cars are a big draw instead.