The Brands That Chinese Millionaires Love
According to a survey by Hurun magazine, China's wealthy love watches by Cartier and Patek Philippe and like to slip behind the wheel of Bentleys. Vacations in the United States are also favored. But, for cigarettes and first-class flights, Chinese millionaires like to keep it local. Air China tops the list for luxury flights, and Chunghwa is the favorite tobacco, according to Hurun, with Chinese who have at least $1.46 million in wealth. Unlike cigarettes, though, the favorite cigar brand, Davidoff, is from abroad.
The average respondent to the Hurun survey takes 15 days off a year, on average, has three cars and owns five watches that cost at least $10,000 each.
According to Rupert Hoogewerf, chief researcher and founder of Hurun, the Chinese "have a greater awareness of brands." He continued to Bloomberg News, "They are also more international-minded and keener to give their children a foreign education." Four out of five are planning to send their kids to school abroad for high school and beyond, with the United States the preferred destination.
Being wealthy doesn't mean this community is finished coveting. Now that they are taking more time off, 50 percent want to buy a yacht, and 15 percent would love a private jet.