Despite global economic uncertainty, rich people are still buying lots of giant yachts. A new report from the real estate consultancy Knight Frank found that sales of yachts longer than 78 feet increased 40% in 2015. The value of classic cars, a staple luxury item of the super-rich, also rose 17% during the year, and the value of wine and luxury watches both increased by 5%.
At the same time, the number of people who are actually extremely wealthy is in decline, thanks to volatile equity markets and a economic slowdown in China. The so-called “ultra rich,” who have assets worth at least $30 million, fell from 193,000 in 2014 to 187,000 in 2015. The number of millionaires in the world also declined by from 13.6 million to 13.3 million.
However, Knight Frank believes the rich will find a way to bounce back. The group predicts there will be more than 18 million millionaires by 2025.