Life and style of Chinese millionaires

There are currently 2.7 million high-net-worth individuals in China with personal assets of $950,000 or more, and 63,500 ultra-high-net-worth individuals with assets worth $15.8 million or more.

Let's take a look at how these wealthy Chinese spend their money.

NOTE: Courtesy, Business Insider, HuRun Report and China's Industrial Bank.

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Among China's wealthy, the most popular leisure activities are travelling, reading and tea tasting.

Travelling: 61 per cent

Reading: 36 per cent

Tea tasting: 34 per cent

Driving: 33 per cent

Familiy activities: 30 per cent

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More than 60 per cent of HNW Chinese are collectors, and their favourite thing to collect is watches.

Watches: 34 per cent

Classical paintings and calligraphy: 31 per cent

Wine: 23 per cent

Porcelain: 13 per cent

Contemporary art: 13 per cent

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HNW Chinese shop in Hong Kong an average of three times a year, and 73 per cent say it's their favourite place to shop.

Hong Kong: 73 per cent

Europe: 28 per cent

The United States: 18 per cent

Japan: 16 per cent

Singapore: 15 per cent

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Rich Chinese women say their favourite item to purchase abroad is cosmetics, while men shop for watches when abroad.

Watches: 65 per cent

Clothes: 49 per cent

Jewellery: 48 per cent

Cosmetics: 45 per cent

Electronic products: 43 per cent

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More than half of HNWs bought watches last year. Among the ultra-rich, yachts and private jets are becoming more popular.

Characteristics of luxury goods that attract the rich:

High quality: 69 per cent

Brand reputation: 66 per cent

Long history: 39 per cent

Rarity: 32 per cent

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The average HNW spends close to $24,000 a year on gifts, and the most popular gift among wealthy men is watches.

Occasions for giving gifts:

Business: 76 per cent

Wedding: 50 per cent

Holiday: 41 per cent

Family anniversary: 36 per cent

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Despite an ebb in China's housing market, real estate remained the most popular investment for the wealthy.

Personal investments:

Property: 60 per cent

Stocks: 46 per cent

Gold: 26 per cent

Artworks: 15 per cent

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More than a third of China's wealthy have pets - five per cent own chinchillas.

Dog: 49 per cent

Fish: 19 per cent

Cat: 9 per cent

Bird: 6 per cent

Tortoise: 6 per cent

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Leisure travel is currently the biggest expenditure for HNW individuals, and many expect to spend even more on travel in the future.

Main areas of spending:

Travel: 19 per cent

Daily luxuries: 15 per cent

Children's education: 12 per cent

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Education is another big spending area for HNW individuals. Eighty-five per cent said they planned to send their children abroad to study.

When to send children abroad:

Senior high school: 35 per cent

College: 30 per cent

Junior high school: 21 per cent

Primary school: 9 per cent

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Twenty-nine per cent of China's HNW individuals are Buddhist, compared to 18 per cent of China's overall population.

No religious beliefs: 51 per cent

Buddhism: 29 per cent

Protestantism: 5 per cent

Islam: 3 per cent

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While most high-net-worth individuals in China still don't use the Internet to shop, it's now their number one source of information about consumer products.

Source of information abour consumer products:

Internet: 61 per cent

TV: 51 per cent

Magazines: 50 per cent

Word of mouth: 49 per cent

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Beijing has more HNW individuals than any other Chinese province. Provinces with more than 100,00 high-net-worth individuals:

Beijing, Shanghai, Guandong, Fujian, Zhejian and Jiangsu.