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Fortune

Jessica Coacci

Billionaires are swapping art and cars for sports teams as their top 'trophy' investment, JPMorgan says

Mark Walter Mark Cuban NBA

Mark Walter (Credit: Rob Tringali-Getty Images)

Forget typical old-money investments like art auctions and vintage cars. Today’s billionaires are pouring their money into their favorite sports teams instead—and turning them into serious investment plays.

Compared to the typical luxury investments we saw historically, sports ownership has shifted from a life hobby to a new business strategy for the world’s biggest earners, according to a new survey from JPMorgan Private Bank.

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