Survey Looks at Luxury Brands Preferred by China’s Richest

Jan. 18 – The latest survey released by luxury business site, Hurun Report, looks at the brands and places patronized by China’s richest people.

The 2010 Best of the Best Survey was based on the answers of 383 mainland Chinese millionaires with assets worth at least RMB10 million with 66 of those people surveyed having assets of at least RMB100 million.

Respondents came from all over the country: 28 percent from East China, 26 percent from North China;16 percent from Central China; 15 percent from South China; 9 percent from Northeast China and 6 percent from other areas.

Despite the proliferation of fake goods in China, it is now one of the fastest growing luxury market in the world. The World Luxury Association last year said China has already overtaken the United States as the second largest luxury market estimating that wealthy Chinese spent US$8.6 billion during the previous year.

Respondents to the survey cited Cartier, Patek Philippe and Chanel as some of their preferred watch and fashion brands. For their financial needs, China’s rich turn to China Merchants Bank and HSBC. Moreover, they consider Tsinghua University’s Executive MBA Program as the best in the country but also think highly of British education. More of the survey results can be seen here.