Beijing : Chinese millionaires favour Cartier, Patek Philippe watches, holidays in the US and Bentleys according to a survey by Hurun magazine. When it comes to first-class flights and cigarettes, they prefer local brands.
Air China Ltd is the favourite airline for luxury flights and Chunghwa takes top spot for tobacco, based on Hurun's interviews with 383 mainland Chinese, each with at least $1.46 million (Dh5.3 million). Hurun, which compiles China's annual rich list, said in April that China has 825,000 of these high-net-worth individuals and they average 39 years of age.
"They have a greater awareness of brands," Rupert Hoogewerf, Hurun's Shanghai-based founder and chief researcher, said in an interview. "They are also more international-minded and keener to give their children a foreign education."
Four of five surveyed plan to send their children abroad, preferably the US, for high school, undergraduate or post-graduate studies, said Hoogewerf.
They are taking more time off, averaging 15 days a year compared with 11 days three years ago; each owns three cars and about five watches, he said.
Chinese millionaires go to Sina.com to read news online, half of them want to buy a yacht in the future and 15 per cent a private jet, the survey showed.
Local companies, China Guardian Auctions Co and Beijing Poly International Auction Co, have replaced Christie's International and Sotheby's as the favourite art auction houses of rich Chinese, said Hoogewerf. Foreign art-auction companies aren't allowed to set up wholly owned units in China.
