Gift-giving has long been an integral part of life in mainland China and now a new survey has lifted the lid on just what it is the country’s rich have been handing out.

The “Top 10 Gifts for the Chinese Luxury Consumer 2012″ was compiled by Hurun Report and looked at what China’s wealthy liked to give to their friends.

The timing of the report is perfect, too, as the Chinese New Year period is traditionally the time when gifts are given to friends, family and business associates.

Luxury-brand awareness is growing among China’s super rich, who recognize 20% more of the lavish brands than they did last year, according to the Hurun Report.

The 2011 Best of The Best Survey, which interviewed 401 Chinese mainland millionaires, each with assets of more than 10 million yuan ($1.5 million), said the super rich in China are developing more sophisticated tastes in luxury products.

“Chinese entrepreneurs are getting more and more sophisticated, discerning and confident in their personal style, and what they aspire to, as they try to turn new money into old money,” said Rupert Hoogewerf, founder of the Hurun Report.

Hurun Research Institute has released the Hurun Rich List 2010, the twelfth annual ranking of the richest individuals in China.

The list names 1,363 individuals with a personal wealth of 1 billion yuan (US$150 million), up from 1,000 last year and just 24 a decade ago.

China – the world’s second largest economy – has the fastest growing wealthy population in the world, according to a report by Merrill Lynch and Capgemini.

65-year old Zong Qinghou of Wahaha is the richest man in China with a personal fortune of US$12 billion.

The Hurun Research Institute published the 2010 Hurun Wealth Report today for the second consecutive year.

The report analyses the number and distribution of China’s wealthy across the nation’s major cities and provinces.

The report shows that there are 875,000 people with more than RMB 10million (EUR 1.1M / USD 1.47M) in China today, an increase of 6.1% from last year.

This growth has occurred against a background of strong economic performance in China‘s economy.

GDP grew by 8.7% in 2009 to RMB 33.5trillion, and the Shanghai Composite Index rose over the same period from 2300 points to 3000, an increase of 30%.

The Hurun “Best of the Best” 2010 Awards for preferred brands of China’s  richest consumers were announced yesterday by Hurun Report.

The luxury business magazine is renowned for its annual “China Rich List”

In its sixth edition Hurun surveyed 383 mainland millionaires, each with assets of at least RMB 10 million ($1.5 million).

Among them 66 people have assets of at least RMB 100 million (USD 15 million).

While the rest of the world struggles to bounce back from the global financial crisis, China’s billionaires are living large, snapping up luxury products at a breathtaking pace.

Beijing’s Jinbao Street is the must-visit address for billionaires with yuan to burn.

Once a maze of alleys, the 800-metre (yard) stretch of road is now home to Rolls-Royce, Bugatti, Lamborghini, Gucci, Cartier, the exclusive Hong Kong Jockey Club and several five-star hotels.