The spending of China's rich (4)

Private banking

Currently, approximately one-third of respondents make personal financial investments. Stocks in Chinese companies, insurance, funds and property are popular investment choices.

Domestic banks are currently preferred for private banking. China Merchants Bank is the most popular bank, with others fairly evenly divided.

"We found the need to manage wealth through private banking and investment was increasingly prominent, while domestic banks gradually replaced foreign banks and became the first choice for wealthy people's private banking," said the study.

Respondents turn to magazines and the Internet for sourcing information to help with purchase decisions.

"The Chinese consumers' concept of luxury goods consumption is maturing and becoming more personalized. The report revealed that young affluent consumers chose luxury goods because of product quality and their role in enhancing personal image. Female consumers in particular were more able to perceive the role of fine goods and how they increase personal enjoyment," said the study.

The survey was jointly conducted by Ipsos and Trends Group's Robb Report. A total of 206 readers of the Robb Report with an average age of about 40 and average individual current assets of 4.2 million yuan were interviewed.

Interviewees were from major Chinese cities during the period from June 2012 to August 2012.