Russians Investing In 'Passion,' Study Says

Russia has one of the 10 fastest-growing populations of wealthy individuals, and they're increasingly investing their newly accrued cash in art, jets and the occasional football team, according to a report released Tuesday. The number of Russians with a net worth of more than $1 million excluding primary residences, classified in the report as "high net worth individuals," rose 14.4 percent in 2007 to 136,000 people, Merrill Lynch and Capgemini said in their 2008 World Wealth Report. "Passion investments," such as luxury collectibles, art, sports teams and flashy private transportation, are very popular among HNWIs, as well as their peers with $30 million or more, referred to in the report as Ultra-HNWIs.