Meanwhile, more dollar millionaires increased their investments in gold, diamonds and art.
According to Song Yunpeng, deputy general manager of KEER Diamond Corp, the company's sales of diamonds bigger than one carat increased more than 50 percent this year.
In the past decade, the average price of a one-carat diamond has increased 18 percent, and that of a 10-carat diamond has soared 50 to 60 percent.
A more conservative wealth management trend is also seen among ordinary Chinese people.
Eight out of 10 Chinese mainlanders plan on saving the same amount they have been, or even more, in the next six months as a precaution, according to a recent report from MasterCard.
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