Art is the most popular form of alternative investments by the Chinese super rich, followed by jewelry, jade, fine wine and watches, according to the annual China Passion Investments White Paper, co-released by Industrial Bank Co Ltd and Hurun Report on Monday.

The report - the second from the Shanghai-based magazine Hurun, which produced various studies on the habits of the country's richest people - was based on the results of a survey of 1,219 dollar millionaires from around the country.

Away from the more traditional areas of investment, such as property and stocks, around 64 percent said they had invested in art works.