Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Features

Chinese Millionaires' Favorite Brands


By Le-Min Lim

(Bloomberg) — Chinese millionaires favor Cartier, Patek Philippe watches, holidays in the U.S. 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 favorite airline for luxury flights and Chunghwa takes top spot for tobacco, based on Hurun's interviews with 383 mainland Chinese, each with at least 10 million ($1.46 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 U.S., 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 that cost $10,000 or more a piece, 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 percent 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 favorite art auction houses of rich Chinese, said Hoogewerf. Foreign art-auction companies aren't allowed to set up wholly owned units in China.

Chinese Millionaires' Favorite Brands

Jewelry: Cartier

Watch: Patek Philippe

Sports Watch: Rolex

Fashion Watch: Louis Vuitton

Luxury Car (Business): Rolls-Royce Phantom

Luxury Car (Self-Drive): Bentley Continental Flying Spur

Luxury Sedan: Mercedes-Benz S Class

Luxury SUV: Audi Q7

Luxury Performance Car: Porsche 911

Executive Car: Audi A6

Luxury Whiskey: Royal Salute 21 Years Old

Premium Cognac: Hennessy X.O.

Premium Champagne: Moet & Chandon

Premium Cigarette: Chunghwa

Cigar: Davidoff

Art Auction House: China Guardian

Executive MBA Program: Tsinghua University

Fashion Label: Giorgio Armani

Accessory: Hermes

Skincare: Chanel

Luxury Mobile Phone: Vertu

Mobile Phone: Nokia

Luxury Hotel: Shangri-La

Spa: Banyan Tree

Airline (First, Business): Air China

Online News: Sina.com

Business Newspaper: China Business News

To contact the writer on the story: Le-Min Lim in Hong Kong at lmlim@bloomberg.net.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus