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
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
Art Auction House: China Guardian
Executive MBA Program: Tsinghua University
Fashion Label: Giorgio Armani
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 firstname.lastname@example.org.