Chinese customers look at iPhone 4S in the newly opened Apple Store in Wangfujing shopping district on October 20, 2012 in Beijing.
Feng Li—Getty Images
February 2, 2015 2:01 PM EST

Apple now ranks as China’s most coveted luxury brand, according to a recently released survey of the nation’s millionaire shoppers.

The device maker shouldered aside all of the old mandarins of the luxury market, including Louis Vuitton, Cartier and the previous year’s winner, Hermes, according to the Hurun Research Institute’s annual survey of 347 ultra-wealthy individuals. Individuals whose net worth exceeded 10 million RMB (equivalent to $1.6 million) ranked Apple as the “best” brand of gift giving to men and women.

“The upcoming Chinese New Year would be the peak of gift giving in China,” Hurun Research said. “Apple has become the most eye-catching gift brand this year.”

And in a sign that Apple could be sailing toward the perfect storm of gift giving, the most popular category of gifts for men this year was watches. The Apple Watch comes out this year.

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