(Yicai) Nov. 14 -- Well-heeled Chinese mainlanders are the world’s biggest investors in fine art, decorative art, and antiques for the second year in a row, according to a new report by Swiss banking giant UBS Group.

High-net-worth mainlanders have spent an average of USD2.2 million each on artworks so far this year, per the report released yesterday at the opening of the Shanghai International Art Week, an annual event for the global art trade. The median spend is USD650,000, 10 times that of second- and third-placed Hong Kong and Brazilian collectors, the report also showed.

Wealthy mainland Chinese are a major force shaping the global art market, with women spending on average more than twice that of their male counterparts, said Marina Lui, head of UBS Wealth Management China.

The sharp eye and openness to emerging artists shown by women collectors in the mainland is injecting new energy into the international art market and helping push it toward greater inclusivity and diversity, she pointed out.

The share of wealth that high-net-worth individuals globally allocate to art has risen to 20 percent this year, up from 15 percent last year, according to the report. Those with more than USD50 million in assets invested an average of 28 percent of their wealth on art. The percentage for Gen Z collectors is 26 percent.

Among the young and rich, millennials lead spending in areas such as decorative art, design, and jewelry. Gen Z individuals mostly invest in emerging categories, such as luxury handbags, sneakers, and other premium goods. They are also the most active group in the digital art market.

Editors: Tang Shihua, Futura Costaglione