Traveling, luxuries and child education take up the bulk of spending by the mainland's wealthiest people, said the latest GroupM Knowledge -- Hurun Wealth Report 2011 released on Tuesday.

Spending

More than half of China's rich, who have more than 10 million yuan (US$1.5 million) in personal assets said their annual consumption ranges from 1 to 3 million yuan, while about 13 percent said their spending exceeded 3 million yuan.

Holiday resorts

As for overseas holiday resorts, France surpassed the United States by a slight margin to top the list of hot spots for China's high rollers, while Sanya in Hainan province, Hong Kong and Yunnan province remain the top three choices for domestic travel. On average they take a 15-day vacation every year and two-thirds of them own resort houses.

Leisure

Apart from traveling, the two major ways the rich kill time is golf and reading. They are followed by swimming and tea drinking. Compared with last year, multimillionaires are paying more attention to reading, the report said.

Collections

Meanwhile, luxury watches continue to be the top collection choice for China's rich, with 44 percent having a taste for them, followed by ancient painting and calligraphy works, and liquor.

Children's education

More than half of China's wealthiest are willing to send their children to the United States and the United Kingdom for overseas study, the third year the two countries have led the list of overseas study hot spots for the "second generation of the rich".

Social Responsibility

One-third of the rich said taxation, charitable donations and environmental protection are the three major ways to take social responsibility.