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Cars, fine art, sports teams, yachts, private jets, and more

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By Sabrina Chan and Frederik Balfour

Cars, fine art, sports teams, yachts, private jets, and more

The World Wealth Report 2008 issued by Merrill Lynch (MER) and Capgemini shows the ranks of the rich continue to swell. There are now some 10.1 million people globally who have at least $1 million in assets excluding their principal residence. Not surprisingly, the affluent class is growing fastest in places such as China (20.3%), India (22.3%), and Brazil (19.1%). Combined, these so-called High Net Worth Individuals have amassed a global fortune worth $40.7 trillion.

So just how do these deep-pocketed folks spend their money? While habits differ somewhat across regions—Europeans like fine art while Asians have a predilection for jewelry—by and large the rich are apt to shell out on sports teams, race horses, super yachts, rare automobiles, and wellness, such as ultra luxury home spas.

Here is a glimpse of how they enjoy their wealth.