Report: Rich Chinese Love This Luxury Brand More than Louis Vuitton, Hermès

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It’s official: The Chinese love their Apple products more than they love their female children.

Chinese millionaires are taking over the world with their massive amounts of newfound wealth, and when money speaks, companies listen. What is their money saying right now? Apple carries a more desirable status symbol cache than Louis Vuitton, Hermes, Chanel and Gucci.

According to a survey of about 400 mainland Chinese millionaires worth at least 10 million yuan ($1.6 million) by the Hurun Research Institute, Apple products were the No. 1 choice for gifts, overtaking last year’s top company, French luxury apparel company Hermès. For men, Louis Vuitton ranks second, while Chanel takes the runner-up spot for women, according to Hurun’s luxury report.

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Driven by new, showy store openings, its products’ high prices and surging demand for the iPhone 6, Apple’s profits in China rose 70% to an all-time high of $16.1 billion during the last three months of 2014.

The Hurun Research Institute has been reporting on the trends and habits of China’s ultra-rich for over a decade. The institute’s monthly magazine, the Hurun Report, is known for its “China Rich List,” a ranking of China’s wealthiest individuals.

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