It is reported that since 2025, Singapore’s luxury car market has taken a sharp turn for the worse: Rolls-Royce is being sold off at sticker cost, Bentley showrooms are deserted, and no one has test-driven a Ferrari show car for a week.
At the same time, theprice ofa car ownership license (COE) is still as high asS$110,000(aboutRMB600,000). This is not a case of depleting wealth, but rather of HNWIs quietly adjusting their“wealth expression“.
Behind this is a reflection of aprecise selection mechanismby the Singapore government for immigration status, financial security and social order.
I. Luxury car imports plummetedby 75 percent, the
Behind the cooling market is a shift in expression
①75%drop as Singapore luxury car sales shrink sharply
According to immigrant circles and media revelations, luxury car imports into Singapore have dropped byabout75%.
Those brands such as Bentley, Maybach, Ferrari and Lamborghini, which were once regarded as status symbols, are suddenly experiencing a cold spell in sales. At the same time, the status symbols associated with them, golf clubs, top private clubs or luxury marinas, have also seen members reselling or cold operations.
This is not simply a cooling of consumption, but a deep change about the way wealth is expressed.
②S$110,000, Car Ownership Permit Still High in Singapore
According tothe latest announcement fromSingapore’s Land Transport Authority (LTA ),the total COE quotaforNovember2025toJanuary2026is18,984, a slight increase of1.5%from the previous quarter.
Among them:
GroupACOE(CompactVehicle/Partial Electric)was7,662,76more than before.
The quota forGroupB(large/luxury cars) is4,783.
In the first round ofNovember bids,GroupACOEsold for aboutS$110,002,GroupBfor aboutS$115,001andGroupE (Open Group) forS$121,010.
These figures clearly show that the price of car ownership licenses is still high, but the actual sales of luxury cars are plummeting. High-net-worth families are no longer making high-profile car purchases as they have in the past, and they are adjusting their entry strategies.
Photo credit: LTA, United Daily News
③The expression of wealth is transforming
This phenomenon reflects a deep-seated change: luxury cars are no longer mere status symbols, but may be seen as risky assets. Rolls-Royce and Bentley showrooms have begun to cool off, and a wave of high-end club membership cuts has surfaced.
Behind this is not only a market issue, but also thewaysome families redefine“show and safety“from high-profile show to low-key hidden.
Secondly, it is not safe to show off your wealth in a high profile manner.
New immigrant families scrutinized with precision
1. Flaunting of wealth is seen as a risk signal by the regulator
In the past, driving luxury cars, tanning yachts and throwing lavish parties were important ways for high net worth families to show their power. But today, these behaviors can bepotential red flagsfor law enforcement and financial regulators in Singapore.
Some immigrants have even described Singapore as a“lighted stage“: the more you show off, the easier it is to be“seen“.
The cost ofthis“being seen“is increasing: behind the luxury cars, yachts and status symbols, there may be hidden scrutiny and investigations.
2. Real-life experiences of multiple families examined
Several Chinese immigrant high net worth families have reportedly suffered account freezes and additional financial audits for status renewals without warning.
Even if the funds are legitimate, they may be considered“suspicious“if their origins are complex and opaque. Language barriers and cultural differences also make it difficult for surveyed households to clearly explain their asset structure, making scrutiny painful and costly.
Schematic diagram, source: United Daily News
3. Low-profile families are instead more popular
Contrasting with the high-profile display of wealth are thosefamiliesthat live a more“ordinary“life,wearing flip-flops, eating at food stalls, not displaying their assets, and not participating in high-end socializing, which is often easier to be regarded asa “steady collaborator“.
They keep a low profile, but have earned the security and stability of their identity by paying their taxes on time, living a stable life and keeping the rules.
4.3unspoken rulesfor screening the rich in Singapore
According to industry analysis, Singapore’s“screening logic“for HNW familiescan be summarized into three:
① The source of money must be clean: legality and transparency are the basis.
② Behave in a low-key way to blend in: don’t show off your wealth or stand out.
(iii) Avoiding regulatory attention: high-profile behavior may attract scrutiny.
For families who really want to be in Singapore for the long haul, this is not a luxury to show off, but a game of identity and security.Those who are willing to“hide their strengths“are seen as contributors of long-term value.
Schematic diagram, source: United Daily News
iii.a slight increase of1.5%inthe COEquota.
Prices fall but hard to get out of highs
1,COE quota slightly expanded, the system regulates more deeply
Singapore’sLTAhas announced thatthe totalCOEquotafor November throughJanuary2026 is18,984, a1.5%increase over the previous quarter.
The specific distribution is7,662forGroupA(small cars/some EVs),4,783for GroupB, anda significant increase to1,649for GroupE(up 7.2%).
LTAsaid that the quota adjustment, which comes from both scrapped vehicles and additional injections, is itsinstitutional strategy to “smooth supply and stabilize the market“.
2,COEprices have retraced but overall still high
COEprices have fallen partiallyunder the quota increase, but remain high. In some media reports,GroupA experienced a brief decline in the first few rounds of bidding.
Analysts believe that this is mainly due to car dealers’ end-of-year rush and bidders’ wait-and-see approach. However, in the longer term, high net worth families have become more cautious due to censorship pressures, which means they are no longer willing to bid high.
Chart source: LTA, United Morning News, data as of 20251105
3、High-net-value car-buying logic is being reconstructed
Behind the system is a change in the values and strategies of car buyers. Many families looking to buy a car no longer see it as a pure status symbol, but as part of an asset portfolio.
At the same time,the LTAquota injection and regulation shows that a more“controlled“market pattern is being formed.
Schematic diagram, source: United Daily News
IV. Electric vehicles registered at 43%.
High Net Worth Households Shift to Lower Profile Expressions
①43%, a staggering proportion of newly registered electric vehicles
According to thelatest official data fromthe Land Transport Authority (LTA),new registrations of electric vehicles accounted for43% ofall new vehicles inJune2025, successfully overtaking hybrids (42%). This is the second time this year that EV registrations have overtaken hybrids.
Such figures not only show the strong momentum of EVs in the Singapore market, but also hint that high net worth families arerealizing a low-profile but high-value expression of their identitythroughEVs.
②Electric Vehicles More Favored in Policy Push
To promote green mobility, the Singapore government has granted several incentives for EVs. At the same time,maintaining a higher quotaforCOEsinGroupA(including some small EVs)also providesEVbuyers with more flexible entry opportunities.
High net worth families are switching from traditional luxury cars to electric vehicles not only for environmental considerations, but also as a strategy to avoid the risk of high-profile exposure.
Schematic diagram, source: United Daily News
③Quiet shift in car-buying strategy
For some affluent families, electric cars are the new“smart asset“: a vehicle that meets their daily driving needs without attracting as much attention as a traditional luxury car. Unlike those who show off their wealth in million-dollar sports cars, they prefer to hide their wealth in batteries, charging piles and discreet license plates.
This turn reflects a reconfiguration of the expression of wealth:a shift from visual luxury to hidden value accumulation.
Schematic diagram, source: United Daily News
V. Low profile is the long-term survival strategy of the rich in Singapore
1. Low-key behavior is identity insurance
Under the current system, if high net worth families choose to show off their wealth, they may, on the contrary, make themselves“regulatory targets“.
In contrast, families that live by the rules and do not seek to make a spectacle of themselves tend to be more likely to achieve identity stability. Wearing flip-flops, living a simple life and keeping a low social profile may be more reliable“identity insurance“in Singapore.
Schematic diagram, source: United Daily News
2. The true value of wealth comes from the hidden
What is truly welcome in Singapore is not the flashing lights in the back of a sports car or the cocktail parties by the pool of a mansion, but the quiet, orderly and sustainable accumulation of wealth.
For these families, the value of wealth lies in the contribution it creates for the family and the city over the long term, not in the momentary bragging rights.
3. Family planning is more future-oriented
Apart from cars, they focus on children’s education, property investment, tax planning and sustainable living. They understand that Singapore is a city that does not welcome“asset speculators“but valuesresidents whoare“willing to grow together for the long term“.
Stability, low profile, and rule-abiding, that’s how they really built their roots on this island.
Schematic diagram, source: United Daily News
Conclusion: Hidden wealth is the standard for real winners in Singapore
For the past10years, Singapore’s luxury car culture has been one of“who can afford it“; today, the tagline has quietly evolved into“who can afford it quietly and pretend not to“.
The more low-key, rule-abiding and rule-following a family is, the more it can stabilize its identity, protect its wealth and reap long-term dividends. Those who know how to hide their wealth, know how the rules work, and are willing to integrate into society are the real winners in Singapore.
*References from: SingaporeLTA,IRAS,ICA,MOM,Lianhe Zaobao and other media, comprehensive news reports collated, reprinted must indicate the source, infringement and deletion of contact.
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