Britain's rich invest in jewellery

The UK's richest people are turning to assets such as jewellery to protect their money, it has been observed.

Following the publication of the Merrill Lynch World Health Report, the country's Daily Mail newspaper observed that a greater proportion of top-earners are choosing jewellery.

It explained that this is because it is likely to hold its value in an uncertain economic climate, a point made about gold by former US Mint director Jay Johnson this week.

The publication noted that the number of people in the UK worth at least $1 million (£602,000) dropped by a quarter last year, with spending on luxury goods falling as a shift towards "passion investments" was seen.

It comes after the Australian newspaper noted last week that a growing number of millionaires in Australia have been taking their money out of unstable wealth management funds and turning instead to safe havens such as gold.