Travel, education and daily luxuries take lion's share of spending

The number of Chinese billionaires and millionaires is reaching a new peak, and their mode of consumption is evolving, new research has found.

The Chinese Luxury Consumer White Paper 2012, released on Tuesday, suggested that there are 2.7 million high net worth individuals in China with personal assets of more than 6 million yuan ($950,000).

Six in 10 are male, with an average age of 39.

There are 63,500 ultra-high net worth individuals with assets of more than 100 million yuan, an increase of 10 percent compared with last year.

Eight in 10 are male, with an average age of 41.

The report, focusing on private banking in China and the evolving lifestyle of the Chinese luxury consumers, was released by Industrial Bank Co Ltd and the Hurun Report Research Institute.

Real estate and stocks remain the two most popular investment choices for the wealthy, but they are also investing more in art and unlisted companies, the report said.

"Most brands recognize the spending power of the Chinese luxury consumer, but we are attempting to ask the question of 'Who are these people are and what makes them tick?'" said Rupert Hoogewerf, Hurun Report chairman and chief researcher.