The US wealthiest have become the leading luxury investment contributors, holding more than US$118 billion in 2012, Private Banker International can reveal.

A detailed study by sister company WealthInsight, focusing on 12 developed and nine emerging markets, examined the attitudes of high net worth individuals to luxury investments, products and services. These included art, wine, classic cars, jewellery, gems and watches.

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Despite the US being the leading contributors in luxury investments, the report founded that HNWIs of emerging countries registered the strongest growth between the review-period 2008 -2012 with a CAGR of 22.24%. Luxury investments significantly increased from US$43 billion in 2008 to US$96 billion in 2012.

With total luxury investments of US$43 billion in 2012, Chinese HNWIs were the second-largest contributor and the major driving force behind the growth of luxury investment, growing at a CAGR of 21.11% during the period between 2008 and 2012, WealthInsight revealed.

HNWIs of developed countries contributed 73% of total luxury investments; with Poland registering the highest review-period CAGR of 19.23%. The country is also expected to record the fastest growth over the forecast period at a CAGR of 12.65%, followed by Australia with a CAGR of 11.30%.

Among the emerging markets, India experienced the highest CAGR at 35.18% followed by Indonesia with a CAGR of 32.94%.

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Overall, the total luxury investments of HNWIs are expected to grow at a CAGR of 10.34% to reach US$621 billion by 2017.