BMW is the most favored luxury brand purchased by China's rich, according to the latest survey on the lifestyle of China's emerging elite. 

The survey was conducted by a company owned by Rubert Hoogewerf, known as Hurun for his China Rich List. The company surveyed 604 Chinese entrepreneurs with personal assets of over 10 million yuan each.

BMW, Louis Vuitton, Mercedes-Benz, Rolex and Giorgio Armani were the top five luxury brands on the list, followed by Ferrari, Rolls-Royce, Bentley, Cartier and Vacheron Constatin.

The survey also found that luxury sedans, watches and fashion items were seen as status symbols by China's new rich.