If you think China is still a developing country, this piece of news is going to surprise you. China has overtaken the US to become the world's second largest luxury market.

In 2008, China's super-rich bought a quarter of the world's luxury goods.

According to the World Luxury Association, affluent Chinese lavished 8.6 billion US dollars on shiny and pretty things last year.

A local Chinese magazine was stunned by the country's purchasing power, calling its citizens, "The People that Wear Prada."

Ouyang Kun, China Chief Rep. World Luxury Association, said, "If you take into account the luxury goods that Chinese tourists buy overseas, the total spending would be even larger. Chinese people have spent 25 percent more on luxury goods every year so far."