DATA POINTS: Millionaires still on the rise in China

By the end of 2011, the number of Chinese millionaires—individuals with assets of more than 10 million yuan (US$1.57 million) —totalled 1.02 million, an increase of more than 6 per cent on the previous year.

In addition to studying the scale of wealth in China, the report also examines the interests and lifestyles of wealthy individuals, having conducted face-to-face interviews with more than 500 millionaires around the country.

The report identified close to 64,000 in the ‘super rich’ category, defined by assets in excess of 100 million yuan. In both cases, concentration is highest in Beijing, Guangdong and Shanghai. Luxury goods consumption is, as expected, still an important part of life for this segment of society. However, their interests are also diversifying, with foreign education for their children and overseas real estate purchases rising on the agenda.

In terms of brands, Cartier, Giorgio Armani, Chanel and Shangri-La have found particular favour.

When it comes to media, TV remains a key channel by which to reach millionaire consumers, along with newspapers and the internet.

The majority engage in online shopping, spending more than $3,000 on average per year. The top spending luxury consumer categories were found to be cosmetics, followed by alcohol and automotive, the vast majority of budgets invested in TV.