Some 29 percent of respondents expect their extravagant purchases to fall in the next three years while 40 percent expect fees for their children's education to rise.

Up to 85 percent of the high net-worth individuals said they have a plan for their children's overseas education while among the ultra-rich, the figure reached 90 percent. Two-thirds of the wealthy parents intend to send their kids abroad as early as high school or elementary school to foster their creativity and individuality.

The rich also strive for self-improvement. Almost half plan to take training programs over the next three years, and a third intend to go to lectures and conferences. Almost 30 percent have taken EMBA programs or classes for CEOs, and 75 percent of them found education to be the platform most helpful in extending their social networks.

The wealthy also threw a lot of money on gifts, which are required by China's social convention. It cost high net-worth individuals around 150,000 yuan each year to buy gifts, 80 percent of which are given at business gatherings. Most budget between 5,000 yuan and 20,000 yuan per gift. Watches are the first choice for men while wine tops the gift shopping list of the ultra-rich.