The spending of China's rich (2)

The majority of individuals own more than two watches, with Patek Philippe being the most favored brand. Bracelets/anklets and watches were the most popular types of jewelry purchased in the past year, said the report, 2012 Best of the Best - Luxury Lifestyle and Trends in China 2012, a luxury tracking and research paper into interpreting the content and pattern of China's luxury lifestyles.

In addition, 76 percent of respondents own two cars or more. Ferrari is the most popular brand. When it comes to fashion, European brands, including Hermes, Chanel and LV, are the most favorite.

"Design was the main driving force behind the purchase of luxury goods. This was closely followed by product quality and brand image. Female customers showed a strong preference for product image and design, while males valued features and services more," according to the study results.

Additionally, the country's wealthy men maintained a robust investment in wine with 72 percent of the respondents having a wine collection at home.

The World Luxury Association said during the 2012 Golden Week holiday, which was from Sept 30 to Oct 7, Chinese people buying luxury goods abroad spent about 3.85 billion euros ($5 billion), a year-on-year jump of 14 percent. The association predicts the luxury goods market in China will continue to sustain its rapid development over the next decade.

The extravagant spending follows a surge in the number of millionaires in the country not long after a period of poverty in which many went hungry.

According to the Hurun Report, a magazine best known for its China Rich List, a ranking of the wealthiest individuals in China, there were 1.02 million millionaires (with assets worth more than 10 million yuan) in China by the end of 2011, up by 60,000 individuals, or 6 percent, compared with one year earlier. Within this figure exists a further elite group of 63,500 super rich individuals (with assets worth more than 100 million yuan).

The survey said wealth accumulation in China is still growing. The number of high net worth people in China doubled from 2008 to 2011 and is expected to double again by 2015.