Source: Bloomberg Post

Laurence D. Fink (Founder & CEO of Blackrock Inc.) says the wealthy are ditching gold as the traditional safe haven and investing in apartments in cities like New York, London, and Vancouver.

“Historically gold was a great instrument for storing of wealth,” the chairman of BlackRock Inc. said at a conference in Singapore on Tuesday. “Gold has lost its luster and there’s other mechanisms in which you can store wealth that are inflation-adjusted.”

“The two greatest stores of wealth internationally today is contemporary art….. and I don’t mean that as a joke, I mean that as a serious asset class,” said Fink. “And two, the other store of wealth today is apartments in Manhattan, apartments in Vancouver, in London.”

According to Corcoran Group Manhattan Apartments are at a six-year high with a medium price of $1.3M. Part of this increase in price is because of foreign investment, it is hard to tell if they are on a cusp of another bubble, or the beginning of a phenomenon where these valuations look like a no brainer investment in 10 years.

Contemporary art doesn’t sound like a bad investment either, a lot less maintenance, heres a good resource.