The determination by the super-rich to spend their way out of the gloom is reflected by activity in the luxury market

A recent visit to the South Pacific provided further evidence of a truth universally acknowledged: that while mass tourism to far-flung destinations is in the doldrums – down by as much as 60 per cent in Tahiti, for example – high-end hotels at the top end of the market are riding the waves with confidence, catering for a clientèle that occupies their sun-kissed suites and villas with nary a glance at the plummeting financial barometer.   The determination by high net worth individuals (HNWIs – defined by Knight Frank as individuals with more than US$30m net assets) to spend their way pleasurably out of the encircling gloom is reflected by activity in the luxury and collectables markets. According to China’s Hurun Report, 64 per cent of China’s millionaires are engaged in amassing collections.

Read More.. The Financial Times Limited 22nd Feb 2013