Ferrari's new FF car on show at the 81st Geneva car show in Geneva in March 2011. Photograph: Denis Balibouse/Reuters
As the world's richest people got even richer, so did their appetite for the playthings needed to satisfy their lifestyles. Growing wealth from the emerging economies, largely in Asia Pacific, helped spur the demand for these so-called "investments of passion".
Sales of luxury cars jumped, with Mercedes-Benz reporting a rise in sales in China and Hong Kong of 112%, outpacing the total rise in its sales of 5%. Ferrari had its best ever year in China.
Chinese buyers are also pushing up the price of art. Last year, Bright Road, by contemporary Chinese artist Liu Ye, sold for three times the estimated price at auction. Chinese collectors are also passionate about European art. Two world records were set last year: $104.3m (£65m) for a Giacometti sculpture was later surpassed by a Picasso painting which fetched $106.5m.
In 2010, Sotheby's set a 40-year record for the amount raised at wine auctions, with sales from its Hong Kong branch rising 268%. And Russian and Middle Eastern buyers are thought to have helped push up the price of diamonds to record levels.
Those from the Middle East are also interested in investing in football clubs such as Abu Dhabi-owned Manchester City, though the report by Merrill Lynch and Capgemini cited the most notable sports investment for 2010 as the sale of the St Louis Rams to entrepreneur Stan Kroenke. US basketball star Michael Jordan also bought a controlling interest in the Charlotte Bobcats basketball team.
Some of the indulgence in "passionate" investments can also make good business sense, especially if the wealthy are trying to diversify away from financial markets. Art falls into this category, as 42% of advisers to the rich reckon they buy it in the hope their investment will gain value.
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