The Hurun research institute released the results of the "Hurun Best of the Best Awards 2012" in January, the eighth of its kind in an effort to reveal the preferred brands, spending habits and lifestyle changes of China's richest consumers.

This year's findings feature the debut appearance of "Top 10 Luxury Gifts for China's Millionaires". In order to gather information for the category, face to face surveys were conducted with more than 503 millionaires, with an average assets of 63 million yuan (US$10 million), 15 percent higher than last year. Among these millionaires were 54 individuals with assets of 100 million yuan (US$15.87 million).

With an average age of 41, those ultrarich spent an average of1.76 million yuan (US$ 279,403) in consumption, 9 percent lower than last year. Rich people's annual consumption was less than 3 percent of their average wealth.

"Wealthy Chinese prefer to send brand gifts, especially during Spring Festival. The value of their gifts is much higher than that of Europeans and Americans," said Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report.

Despite the current economic gloom around the globe., 28 percent of the rich people are still very confident about China's economic prospects for the next two years, although this represents a fall from the 50 percent compared to last year. 30 percent of rich people stated that they were still investing actively, with billionaires proving much more conservative in their investments than millionaires.

Real estate and stocks remain the investments of choice for the majority of the rich despite a drop from last year. The ratio of investments in real estate decreased from 37.9 percent last year to 26.7 percent and stock investments reduced to 20.4 percent from 24.7 percent last year. In addition, the ratio of investments in fixed income securities and gold has also increased. Among them, 18.2 percent, compared to 7.7 percent of last year, invested in fixed income products and the ratio of people investing in gold increased from 0.1 percent last year to 11.5 percent.

? Also see: Top 10 entertainments of China's millionaires

                  Top 9 sports preferred by China's millionaires

                  Top 10 luxury gifts for China's millionaires

    Japan

Japan

Ratio: 1.6%