Singapore Curtails Supercar Sales

Demand for ultra-high-priced cars in Singapore has dropped more than 90% in some cases because of government actions spurred by concern about the social inequality in the city-stage, the Financial Times reports.

Singapore has hiked the purchase tax on such cars and required a larger cash down payment to buy one. The FT says the measures have cut sales of Ferrari, Lamborghini and McLaren supercars 92%, 85% and 53%, respectively. Aston Martin and Rolls-Royce sales are down 88% and 91%, respectively, according to the newspaper.

McLaren tells the FT that Singapore's "additional registration fee" adds about $110,000 to the price of its $800,000-plus 12C supercar in Singapore.

The number of residents in Singapore with more than $1 million in liquid assets is expected to reach 133,000 by 2015 double the number in 2010, according to the newspaper.