Gucci wins the fabulous contest! According to a Nielsen Group survey, it's the world's most coveted luxury brand. WWD reports:

In an online poll of 25,000 consumers in 48 countries … one in five respondents said they would choose to buy Gucci over any other luxury brand if money were no object.

Chanel and Calvin Klein tied for second place, followed by Louis Vuitton, Giorgio Armani, Christian Dior and Versace.

Gucci, which is owned by French retail group PPR, shared first place with Giorgio Armani in the same survey two years ago.

Gucci's head designer, Frida Giannini, is good at designing products that sell well in emerging markets in Asia, Russia, and the Middle East, where Gucci sales are booming.

Though Gucci came out on top overall, different regions of the world expressed different tastes in luxury brands. The Chinese liked Chanel the most; Russians preferred Christian Dior; Latin Americans went for Giorgio Armani, Calvin Klein, and Yves Saint Laurent; and the Japanese prefer Hermès.

As for us in North America? Our continent is the least interested in buying luxury stuff, crappy economy notwithstanding. More than a third of North American survey respondents said they wouldn't buy any of the glittery brands, even they were rich. More proof that those emerging markets are what really matters. We just hope luxury doesn't completely die out over here. Our closets can't stand the thought of unemployment.

Nielsen Survey Finds Gucci Atop Luxe Heap [WWD]