Investing in classic cars powers ahead
The Hagi Value in the Classic Car Market conference provided some valuable insight into investing in classics, writes Mark Smyth
If you are fortunate enough to be an ultrahigh net worth individual (UHNWI) you are worth at least $30m excluding the value of your main home. To give you some idea, Chicago has 135,300 of these wealthy individuals compared to 145,100 across the entire Africa. Most of those are in SA, where there are 40,400, an increase of 8% over the past 10 years and up 5% in the past year alone, according to Andrew Shirley, editor of the Knight Frank Wealth Report. These figures explain in part why SA has the highest number of private jets in Africa at 161, but it is not all about the UHNWIs. In Johannesburg alone, Shirley says there are 18,200 dollar millionaires and across SA 39% of wealthy individuals have a collection of luxury investments. Shirley was talking at the inaugural Historic Automobile Group International (Hagi) Value in the Classic Car Market SA conference alongside the Concours SA at Sun City. Organised in partnership with The Car Finders SA, Knight Frank and Nedbank, the event p...