Luxe Insider

Oct. 5th, 2010

What Do Millionaires in China Buy?

News & Trends: With an estimated 875,000 people in China worth over 10 million RMB ($1.46 million) and 51,000 worth over 100 million RMB ($14.64 million), it's no wonder that records are being kept to track what China's millionaires are purchasing.

A blog on Forbes by Avery Booker lists the markets where China's millionaires are spending their fortune. The usual suspects include luxury automobiles, art, auctions, and luxury goods.

When it comes to cars, Chinese consumers have very specific demands, which car companies are quick to comply with.

Major fashion and accessories brands are learning to improve the quality and selection of products, as many high-income consumers like to make their style selections off the mainland, in order to avoid high luxury taxes.

The auction market has grown considerably as some of China's newest millionaires see purchases in art, antiques, wines, watches and other items as investments that will possibly grown in value.

For more on why and what drives Chinese millionaire consumers to market, visit Forbes.
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