Enormously rich people tend to get bored easily, especially those on the younger side. Stocks and bonds, such a yawn. Wealthy Baby Boomers certainly do still get a kick out of watching their financial portfolios fatten. But their Millennial and Generation Z counterparts have an added expectation. The fortunes they’re investing, they’re expecting, will be filling their lives up with fun.

And what could be more fun than collecting classic cars! The ageless-auto “alternative asset class,” the Knight Frank Luxury Investment Index documents, has nearly tripled in value over the past decade. And investors in classic cars can even get to drive their investments!

Private equity fund managers, not surprisingly, are plugging themselves into this classic car frenzy. They’re doing their best to make investing in classic cars an effortless pleasure. Wealthy car collectors, thanks to their efforts, no longer need to bother checking under the hood of classic Bugattis and Ferraris. Private equity firms will arrange all that tiresome checking for them.

Billionaire and billionaire-wannabe fund execs are shelling out much more than ever before on candidates they’re counting on to keep our tax code rich people-friendly.

These private equity firms, notes auto analyst Benjamin Hunting, are buying up veritable fleets of fine autos they see as likely to appreciate strikingly over time, then offering deep pockets an opportunity to invest in these collections of classics. In return for providing this opportunity, private equity execs typically collect a 2% annual service fee and then claim 20% of the profits the sale of the cars eventually produces.

The classic car-loving investors, meanwhile, get to share the rest of the profits, on top of the joy rides some of the classic car funds invite them to take in their “alternative asset class” investment.

How secure as an investment do classic cars rate? An “elite automobile storage boutique” industry has emerged to make sure stashed-away collectible cars don’t get either scratched or stolen. One such outfit, the Vault in San Diego, uses biometric scans and personalized access cards “to guarantee that only owners, or their designated representatives, can get anywhere near luxury vehicles.”

Not all the Millennial and Gen Z super rich, of course, have taken the dive into classic car investing. Plenty of the wealthy in these age cohorts are flocking to other alternative investments, everything from fine wines and watches to sneakers and crypto. The overall “alternative asset” category, notes a new Bank of America study, has an amazing 94% of wealthy 43-and-unders interested in it.

This Bank of America Study of Wealthy Americanssurveyed 1,000 deep-pocketed adults of all ages and found that 73% of those not yet 44 years old consider themselves “skeptical” of any investment strategy that has them investing only in traditional stocks and bonds.

The wealthy who........

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