Hedging Millionaires Buy Jets, Art, Bling, Give Less to Charity

As millionaires’ assets rebounded in 2009, they put more money in tangibles such as art, jets and gems, according to a report released this week by Capgemini SA and Merrill Lynch & Co.

“It was such a severe crisis, the investor psyche has really shifted,” said Ileana van der Linde, the Capgemini principal who managed the research, in a phone interview. “They don’t fully trust the financial markets and regulatory bodies. That’s why we are seeing a trend toward putting money into tangible assets like art and gold.”