North Americans are no longer scooping up the largest share of private jets, according to the annual World Wealth Report released by Capgemini and Merrill Lynch.

In 2007, there were more orders for Gulfstream jets from buyers outside of North America for the first time, a sign of the rising spending power of consumers in Asia and Latin America. The report says that consumers from Latin America spend the most on so-called “luxury collectibles,” a catch-all phrase that includes planes, yachts and high-end automobiles.

But it’s not only planes that overseas buyers are scooping up. Auto sales in the Middle East and Asia are soaring (Ferrari sales in Asia jumped more than 47 percent last year) and Russians, flush with new money oil profits, are going on shopping sprees for yachts. The report says 20 percent of new orders for megayachts over 200 feet in length are coming from one place: Russia. Not surprisingly the art world is also benefiting from the bonanza. This spring a Russian billionaire paid $86.3 million for a Francis Bacon triptych, setting a new price record for contemporary art sold at auction. No wonder auction house Christie’s is following the money all the way to Moscow with a new showroom in Russia opening this year.

But do recessions, fuel prices, rising food costs and general global economic uncertainty stand to impact this spending by the ultra-wealthy? In a word, no. According to the World Wealth Report, “Historically, investments in fine art, private planes, luxury automobiles and other high-priced collectibles have been more immune to economic downturns”. Rather it is those less expensive, but still luxurious goods like clothing or wine that may take a greater hit if the economic downturn is extended. Until then expect busy Ferrari showrooms and a long waiting list for that new Gulfstream G650.