Robb Report has launched a Robb Report Global Luxury Index to track the market performance of a representative group of listed luxury goods and services companies.

Bill Curtis, chief executive of CurtCo Media, which owns Robb Report and other magazines catering to high net worth consumers, said: "With the emergence of luxury goods and services as an important sector in the global economy, now is the perfect time to launch this index, which will serve as the barometer for luxury sector performance and progress."

The index includes investment and other professional services firms; constituent equities must have a market capitalisation at or above $500 million. The designation of such companies as "luxury" is determined by the publishers.

Globally, households with a net worth of $1 million or more (excluding principal residence) grew from $4.5 million in 1996 to $9.5 million in 2006. In addition, these HNW individuals control an estimated $37 trillion of aggregate wealth, a figure that has almost doubled over the past decade and is expected to grow to $52 trillion by 2011, according to the company.