A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
For the ultra-wealthy, sports teams have evolved from status symbols to mainstream investment assets, according to a new survey by J.P. Morgan Private Bank.
The bank’s 23 Wall division, which caters to the 0.01%, polled 111 billionaire principals of private family investment firms, representing more than $500 billion in combined wealth, between March and August. Twenty percent of family office principals reported owning controlling stakes in sports teams, up from 6% in 2022.
Sports assets have also overtaken traditional trophy assets like art and cars, with 34% of principals investing in teams and arenas, compared with 23% for art and 10% for cars, the bank said.
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