Global demand for rare whiskies has made whisky a better investment than most stocks, , according to the Financial Times and numerous other media sources.

Strong investor demand has pushed the value of “fine and rare” single malts up by more than a fifth this year with volumes jumping 23 per cent, according to a report by Scottish investment bank Noble & Co. In contrast, the FTSE 100 has traded flat this year.

Noble & Co said its report, conducted with data science company Brainnwave, tracked about 580,000 transactions in whisky auctions held over the past decade. The report adds to evidence of the resilience of whisky, the mainstay of Scotland’s £15bn food and drink industry, in the face of a cost of living crisis across the world.

Investors spooked by turmoil in financial markets have been turning to tangible assets and safe haven investments, it noted. Much of the growth in auction sales in 2022 was driven by demand for Scotch whisky costing between £100 and £1,000, which is typically home to younger investors as well as gift buyers. In this category, volumes to the end of September were already up by 30 per cent and value had increased by 40 per cent compared to the same period last year – with the key festive period still to come, according to The Scotsman.