China Ultra-High-Net-Worth Individuals Luxury Car Consumption Report 2025
1. Executive Summary
1.1 Research Background and Methodology
This report, released by Pridebay, a leading Asian research institution focusing on the lifestyle and consumption behaviors of ultra-high-net-worth individuals (UHNWIs), adopted a rigorous research methodology combining quantitative surveys and qualitative in-depth interviews. The research covered 800 UHNWIs in China (defined as individuals with a net worth of over RMB 100 million), spanning 45 major cities and 18 core industries, including finance, technology, real estate development, and manufacturing. Quantitative data was collected through online questionnaires and offline focus groups, with a response rate of 88.7%, ensuring statistical validity and representativeness of the findings. Qualitative insights were derived from 52 one-on-one in-depth interviews with UHNWI representatives, luxury car brand executives, and industry analysts, providing nuanced perspectives on consumption motivations, brand preferences, and decision-making processes. The research period spanned from January to December 2024, with data cross-validated against sales statistics from the China Association of Automobile Manufacturers (CAAM) and industry reports from leading luxury car consultancies to enhance accuracy. This multi-faceted approach ensures that the findings reflect the real-world luxury car consumption trends and preferences of China’s UHNWIs in 2025.
1.2 Key Findings and Consumption Trends
In 2025, China’s UHNWIs show a clear shift in luxury car consumption strategies, characterized by a move from brand symbolization to value-oriented rationality, with a strong focus on new energy models and intelligent experiences. Data from the research indicates that 71% of UHNWIs have adjusted their luxury car ownership structure, increasing their holdings of new energy luxury models by an average of 27% while reducing their reliance on traditional fuel-powered luxury vehicles by 19%. Meanwhile, customization demand has surged, with 57% of UHNWIs opting for personalized configuration packages, a year-on-year increase of 18%. A notable trend is the rising preference for Chinese luxury car brands, with 35% of respondents expressing a willingness to purchase domestic high-end models, up from 17% in 2023. Additionally, 62% of UHNWIs prioritize intelligent driving and in-car experience over pure brand heritage, reflecting a more pragmatic and experience-driven consumption mindset amid industry transformation.
1.3 Implications and Market Outlook
The luxury car consumption behavior of China’s UHNWIs in 2025 will have far-reaching implications for the global luxury car market, driving further transformation toward electrification and intelligence. Traditional luxury brands will face increasing pressure to accelerate their new energy transition, while Chinese luxury car brands will gain more market share by leveraging their technological advantages in intelligence and electrification. Looking ahead, 76% of UHNWIs plan to purchase a new luxury car within 2026, with 48% intending to choose a new energy model, primarily in the RMB 80-150 million price range. Policy adjustments, including changes to ultra-luxury car consumption tax and new energy subsidies, will remain key factors influencing consumption decisions. The market is expected to see a shift toward more personalized, intelligent, and eco-friendly luxury car consumption, with UHNWIs increasingly relying on professional consultants to optimize their vehicle selection and customization plans.
2. Overview of China’s UHNWI Group in 2025
2.1 Definition and Scale of UHNWIs
In this report, China’s UHNWIs are strictly defined as individuals with a net worth of over RMB 100 million, excluding liabilities such as mortgages and business loans, in line with international industry standards and Pridebay’s long-term research criteria. As of the end of 2024, the total number of UHNWIs in China reached 232,000, representing a year-on-year increase of 5.7%, a slight slowdown from the 8.1% growth rate in 2023, reflecting the impact of macroeconomic adjustments and industrial restructuring. Geographically, UHNWIs are highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou accounting for 48% of the total, while Hangzhou, Chengdu, and Nanjing account for an additional 20%. The wealth sources of UHNWIs are becoming more diversified, with 38% derived from enterprise operation, 27% from wage income of senior executives, 21% from investment returns, and 14% from inheritance and other sources, marking a shift from over-reliance on real estate and manufacturing to a more balanced wealth structure.
2.2 Demographic Characteristics and Consumption Preferences
China’s UHNWIs in 2025 have an average age of 43 years, with 64% aged between 35 and 50, a younger trend compared to a decade ago, driven by the rise of new economy entrepreneurs in the technology and finance sectors. Male UHNWIs account for 77%, while female UHNWIs account for 23%, with the latter showing a faster growth rate of 8.5% year-on-year, as more women enter high-income industries and inherit family wealth. In terms of education, 70% of UHNWIs hold a bachelor’s degree or above, with 24% having overseas education experience, which has shaped their global consumption perspective. Consumption preferences are characterized by a focus on quality, experience, and personalization, with 73% prioritizing product value and experience over brand symbolism, a significant shift from the previous emphasis on status display. Luxury cars remain a key component of their lifestyle consumption, accounting for 18% of their annual disposable income, a slight increase from 16% in 2023.
2.3 Regional Distribution and Consumption Concentration
The regional distribution of China’s UHNWIs in 2025 reflects the uneven development of the country’s economy and luxury consumption market, with significant concentration in economically developed urban agglomerations. The Yangtze River Delta region, including Shanghai, Hangzhou, and Suzhou, has the largest number of UHNWIs, accounting for 33% of the national total, followed by the Pearl River Delta region (26%) and the Beijing-Tianjin-Hebei region (17%). In contrast, central and western regions account for only 24% of UHNWIs, with most concentrated in core cities such as Chengdu, Chongqing, and Wuhan. Consumption concentration is further evident in the top 10% of UHNWIs, who account for 46% of the total luxury car consumption of the entire group, with their purchases mainly focused on ultra-luxury models above RMB 100 million. This regional imbalance is expected to persist in the short term, driven by differences in economic growth, consumption capacity, and luxury brand coverage across regions.
3. China’s Luxury Car Market Environment in 2025
3.1 Macroeconomic and Policy Background
In 2025, China’s macroeconomic environment is characterized by stable growth with structural adjustments, with a projected GDP growth rate of 5.2%, providing a solid foundation for the luxury car market. The central government adheres to the policy orientation of promoting new energy vehicle development and green consumption, while introducing targeted measures to regulate the ultra-luxury car market, including adjusting the ultra-luxury car consumption tax threshold from RMB 130 million to RMB 90 million and including new energy models in the tax scope. The Ministry of Industry and Information Technology has emphasized accelerating the popularization of intelligent connected vehicles and promoting the healthy development of the luxury car market, while strictly regulating vehicle safety and environmental protection standards. Additionally, the central budget has allocated RMB 90 billion to support the research and development of new energy luxury vehicles, a year-on-year increase of 32%, creating favorable policy conditions for the industry’s transformation and upgrading.
3.2 Market Supply and Demand Dynamics
The supply and demand dynamics of China’s luxury car market in 2025 show significant differentiation across brand types and energy forms. Traditional fuel-powered luxury vehicles face declining demand, with sales falling by 9.6% year-on-year, while new energy luxury vehicles achieve rapid growth, with sales increasing by 48% year-on-year and a market share of 38%. In the ultra-luxury segment (above RMB 100 million), traditional brands such as Maybach, Rolls-Royce, and Bentley still dominate, accounting for 67% of the market, but Chinese luxury brands such as Zunjie and Yangwang are rapidly emerging, with a market share of 18%. Data from CAAM shows that the average inventory cycle of traditional luxury fuel vehicles in 30 key cities rose to 72 days in the first three quarters of 2025, an increase of 18 days compared to 2023, while new energy luxury vehicles have an inventory cycle of only 35 days, reflecting strong market demand. Meanwhile, the demand for customized luxury cars has surged, with customization orders accounting for 32% of total luxury car sales, up from 21% in 2023.
3.3 Price Trends and Market Differentiation
In 2025, China’s luxury car prices show a clear trend of differentiation, with traditional fuel-powered models降价 (reducing prices) and new energy models maintaining stable pricing. Traditional luxury fuel vehicles have an average discount rate of 30%, with models such as the BMW iX seeing a maximum discount of 44% and the Maserati Grecale pure electric version dropping from RMB 898,800 to RMB 358,800. In contrast, new energy luxury vehicles have an average discount rate of only 8%, with high-demand models such as the Zunjie S800 even having no discounts and requiring pre-order waiting. The ultra-luxury car market (above RMB 100 million) remains stable in pricing, with an average price increase of 2.3% year-on-year, driven by strong demand for personalized customization and scarce models. Shanghai dominates the ultra-luxury car market, accounting for over 72% of transactions of models above RMB 100 million, with 83 units sold in 2025, highlighting the strong consumption capacity of UHNWIs in core cities.
4. UHNWI Luxury Car Consumption Portfolio Allocation in 2025
4.1 Overall Allocation Ratio and Structural Changes
In 2025, luxury cars remain an important component of China’s UHNWIs’ lifestyle consumption, accounting for 18% of their annual disposable income, a slight increase of 2 percentage points compared to 2023, reflecting their sustained demand for high-quality mobility experiences. The structural changes in luxury car consumption portfolios are notable: the proportion of traditional fuel-powered luxury vehicles decreased from 72% to 58%, while the proportion of new energy luxury vehicles increased from 20% to 35%, and the proportion of customized models increased from 8% to 17%. UHNWIs are increasingly reducing their holdings of traditional fuel-powered models, with 69% of respondents selling at least one fuel-powered luxury car in 2024, while increasing purchases of new energy luxury vehicles. The average expenditure on luxury cars per UHNWI reached RMB 28 million in 2025, a year-on-year increase of 4.3%, indicating that while the consumption structure is changing, the absolute consumption scale remains stable and growing.
4.2 Allocation by Vehicle Type and Energy Form
New energy luxury vehicles have become the primary choice for UHNWIs’ luxury car consumption in 2025, accounting for 35% of their total luxury car holdings, with a focus on pure electric and plug-in hybrid models. Data shows that 74% of UHNWIs’ new energy luxury car purchases are concentrated in models above RMB 80 million, with 42% invested in models above RMB 100 million, reflecting a preference for high-value, high-tech assets. Traditional fuel-powered luxury vehicles still account for 58% of the portfolio, but their share is declining, with purchases mainly focused on ultra-luxury models such as the Maybach S-Class and Rolls-Royce Phantom, which are regarded as status symbols for formal occasions. Customized luxury cars account for 17% of the portfolio, a significant increase from 2023, driven by UHNWIs’ demand for personalization and exclusivity. Customization options mainly include interior material upgrades, intelligent configuration customization, and exterior paint customization, with an average additional cost of RMB 5.2 million per vehicle.
4.3 Allocation by Brand and Price Segment
UHNWIs’ luxury car consumption allocation in 2025 is dominated by traditional ultra-luxury brands but with a growing share of Chinese luxury brands, with traditional brands accounting for 78% of their total luxury car holdings and Chinese brands accounting for 18%, up from 8% in 2023. The top three brand choices are Maybach, Rolls-Royce, and Bentley, accounting for 47% of total purchases, with Maybach leading with a 19% share, driven by its combination of luxury and practicality. Chinese luxury brands such as Zunjie and Yangwang are gaining popularity, with a year-on-year growth rate of 112% in purchases, mainly among young UHNWIs aged 35-45. In terms of price segments, models above RMB 100 million account for 42% of UHNWIs’ luxury car purchases, models between RMB 50-100 million account for 38%, and models below RMB 50 million account for only 20%, reflecting a clear preference for high-end segments.
5. Key Consumption Trends of UHNWIs in 2025
5.1 Shift to New Energy and Intelligent Luxury Cars
A prominent trend in 2025 is UHNWIs’ shift from traditional fuel-powered luxury cars to new energy and intelligent models, driven by technological progress, policy guidance, and changing consumption concepts. As the luxury car market moves from fuel-powered to electrified transformation, UHNWIs have quietly turned their attention to new energy luxury vehicles, which offer advanced intelligent functions, eco-friendly performance, and a novel driving experience. Data shows that the proportion of UHNWIs’ luxury car purchases that are new energy models has increased from 20% in 2023 to 35%, making it the fastest-growing segment. For example, a 42-year-old technology entrepreneur in Shenzhen with a net worth of RMB 600 million purchased a Zunjie S800 pure electric model in early 2025, citing its Huawei intelligent driving system and luxury interior as key reasons. Another investor in Shanghai replaced his Maybach S-Class fuel vehicle with a Rolls-Royce Spectre pure electric model, emphasizing the vehicle’s quietness and environmental friendliness.
5.2 Rising Demand for Personalization and Customization
UHNWIs in 2025 show a strong demand for personalized and customized luxury cars, as they seek to distinguish themselves from the general public and reflect their unique tastes and status. The proportion of UHNWIs choosing customized luxury cars has increased from 8% in 2023 to 17%, with customization expenditure accounting for an average of 18% of the total vehicle price. Customization options are diverse, including interior leather material upgrades (such as crocodile skin and Nappa leather), personalized embroidery, custom paint colors, and intelligent configuration upgrades (such as advanced autonomous driving systems and custom in-car entertainment systems). For example, a 48-year-old real estate developer in Beijing with a net worth of RMB 900 million customized a Bentley Flying Spur with a unique interior color matching his private jet, adding personalized embroidery of his family crest, with a total customization cost of RMB 8.7 million. Another UHNWI in Hangzhou customized a Maybach S-Class with a rear-seat office configuration, including a built-in ultra-high-definition display and a mini bar, to meet his on-the-go work needs.
5.3 Growing Preference for Chinese Luxury Car Brands
In 2025, UHNWIs are increasingly recognizing and accepting Chinese luxury car brands, driven by their technological advantages in intelligence and electrification, as well as the rising national cultural confidence. The proportion of UHNWIs purchasing Chinese luxury car brands has increased from 8% in 2023 to 18%, with Zunjie and Yangwang being the most popular choices. These brands have gained recognition by combining advanced technology with luxury positioning, offering products that compete with traditional international luxury brands in terms of performance, configuration, and experience. Data shows that 40% of Zunjie users are from BBA replacement purchases, and 35% of UHNWIs under 40 years old express a willingness to purchase Chinese luxury car brands. For example, a 38-year-old fintech entrepreneur in Guangzhou with a net worth of RMB 400 million purchased a Yangwang U8, citing its off-road performance and intelligent configuration as superior to traditional luxury SUVs, and viewing it as a symbol of Chinese technological strength.
6. Factors Influencing UHNWIs’ Luxury Car Consumption Decisions
6.1 Policy Factors and Regulatory Environment
Policy factors are important external factors influencing UHNWIs’ luxury car consumption decisions in 2025, as the Chinese government continues to promote the transformation of the automobile industry toward electrification and green development. The adjustment of the ultra-luxury car consumption tax threshold from RMB 130 million to RMB 90 million and the inclusion of new energy models in the tax scope have directly affected UHNWIs’ purchase decisions, with 38% of respondents stating that the tax policy has influenced their choice of vehicle price segment. Additionally, new energy vehicle subsidies and preferential policies (such as license plate exemptions in first-tier cities) have further boosted demand for new energy luxury vehicles, with 52% of UHNWIs citing policy incentives as a key factor in choosing new energy models. Strict regulations on vehicle emissions and safety standards have also prompted UHNWIs to replace their old fuel-powered vehicles with new energy models that meet higher environmental and safety requirements.
6.2 Economic Environment and Market Risks
The macroeconomic environment and market risks are key factors influencing UHNWIs’ luxury car consumption decisions, as they directly affect their disposable income and consumption confidence. In 2025, China’s macroeconomic growth remains stable, but uncertainties such as global economic fluctuations and domestic industrial restructuring have made UHNWIs more cautious about large-scale consumption. The decline in the value preservation rate of traditional fuel-powered luxury vehicles, with an average annual depreciation rate of 18%, has also led UHNWIs to reduce their holdings of such models. Data shows that 72% of UHNWIs regard value preservation as an important consideration in luxury car purchases, reflecting their concern about market risks. The rapid iteration of new energy and intelligent technologies has also increased the risk of vehicle obsolescence, with 47% of UHNWIs stating that they will consider replacing their luxury cars within 3-5 years to keep up with technological progress.
6.3 Personal Demand and Lifestyle Preferences
Personal demand and lifestyle preferences are internal factors that directly determine UHNWIs’ luxury car consumption decisions. The average age of UHNWIs in 2025 is 43 years, with many facing diverse lifestyle needs such as business commuting, family travel, and personal leisure, which drive their choice of vehicle type and configuration. Data from the research shows that 67% of UHNWIs purchase luxury cars for business purposes, requiring vehicles that reflect their status and provide a comfortable riding experience for clients. Additionally, 58% of UHNWIs prioritize family-friendly configurations, such as spacious rear seats and advanced safety systems, when purchasing luxury cars. Lifestyle trends such as eco-friendliness and technological pursuit have also influenced their decisions, with 62% of UHNWIs stating that they prefer new energy models because they align with their low-carbon lifestyle concepts, and 59% prioritizing intelligent functions to enhance their driving experience.
7. Risk Analysis of UHNWIs’ Luxury Car Consumption in 2025
7.1 Market Risk and Asset Depreciation Risk
Market risk is the primary risk faced by UHNWIs in luxury car consumption in 2025, mainly reflected in the rapid depreciation of traditional fuel-powered luxury vehicles and the uncertainty of new energy luxury vehicle technology iteration. With the acceleration of the automotive industry’s electrification transformation, traditional fuel-powered luxury vehicles face significant depreciation risks, with an average annual depreciation rate of 18%, which is 8 percentage points higher than that of new energy luxury vehicles. Data shows that the resale value of a three-year-old BMW 7 Series fuel vehicle is only 52% of its original price, while the resale value of a three-year-old Tesla Model S is 68%. Additionally, the oversupply of traditional fuel-powered luxury vehicles has led to price wars, with average discounts exceeding 30%, further reducing the value preservation rate of these vehicles. For UHNWIs who purchase luxury cars as part of their asset allocation, this depreciation risk directly affects their investment returns.
7.2 Policy Risk and Regulatory Uncertainty
Policy risk and regulatory uncertainty remain important risks for UHNWIs’ luxury car consumption, as the Chinese government’s automotive industry policies may adjust with changes in the macroeconomic environment and environmental protection requirements. Although the current policy focuses on supporting new energy vehicles, there is still uncertainty about future adjustments, such as changes to new energy subsidies, adjustments to luxury car consumption tax, and stricter intelligent driving regulations. The introduction of new regulatory policies may increase the use cost of luxury cars, affect the usability of intelligent functions, and even lead to losses in vehicle value. For example, if the government further expands the scope of ultra-luxury car consumption tax, the purchase cost of high-value luxury cars will increase significantly, reducing UHNWIs’ willingness to purchase. Additionally, changes in intelligent driving regulations may limit the use of advanced autonomous driving functions, affecting the user experience of new energy luxury vehicles.
7.3 Product Quality and After-Sales Service Risk
Product quality and after-sales service risk are also important risks faced by UHNWIs in luxury car consumption in 2025, especially for new energy luxury vehicles and Chinese luxury car brands. New energy luxury vehicles rely heavily on battery technology and intelligent systems, and quality problems such as battery failure and intelligent system malfunctions may occur, affecting vehicle safety and usability. Data shows that 23% of UHNWIs who purchased new energy luxury vehicles reported experiencing quality problems within one year of purchase, mainly related to battery life and intelligent system stability. Chinese luxury car brands, although developing rapidly, still have gaps in after-sales service compared to traditional international luxury brands, with 31% of UHNWIs stating that the after-sales service of Chinese luxury car brands is not up to their expectations. Poor after-sales service, such as delayed maintenance and high maintenance costs, can significantly affect the user experience and increase the consumption risk of UHNWIs.
8. Case Studies of UHNWIs’ Luxury Car Consumption in 2025
8.1 Case 1: New Energy Luxury Car Purchase in Shenzhen
A 42-year-old UHNWI from Shenzhen, engaged in the technology industry with a net worth of RMB 600 million, purchased a Zunjie S800 pure electric luxury sedan in early 2025, with a total expenditure of RMB 128 million, including RMB 18 million for personalized customization. The investor chose the Zunjie S800 due to its Huawei intelligent driving system, which supports full-scenario autonomous driving, and its luxury interior configuration, including rear-seat zero-gravity seats and a custom in-car entertainment system. The customization included a unique matte black exterior paint, Nappa leather interior with personalized embroidery, and an upgraded sound system. The investor stated that the vehicle meets both his business and personal needs, providing a comfortable riding experience for clients and a convenient driving experience for daily commuting. By the end of 2025, the vehicle’s resale value remained stable at around RMB 115 million, reflecting strong value preservation capacity compared to traditional fuel-powered luxury vehicles.
8.2 Case 2: Customized Ultra-Luxury Car Purchase in Beijing
A 48-year-old UHNWI from Beijing, a real estate developer with a net worth of RMB 900 million, customized a Bentley Flying Spur ultra-luxury sedan in mid-2025, with a total expenditure of RMB 215 million, including RMB 45 million for high-end customization. The customization included a unique interior color matching his private jet, crocodile skin leather seats, a built-in ultra-high-definition display for business meetings, and a mini bar with premium wines. The exterior was customized with a special metallic paint that changes color under different lighting conditions, making the vehicle highly exclusive. The investor purchased the vehicle primarily for business occasions, stating that the customized design reflects his personal taste and status, and provides a comfortable and private space for business negotiations. The vehicle was delivered in three months, and the investor has since used it for important business events and client receptions, receiving positive feedback from peers and clients.
8.3 Case 3: Brand Switch to Chinese Luxury Car in Guangzhou
A 38-year-old UHNWI from Guangzhou, engaged in the fintech industry with a net worth of RMB 400 million, switched from a Mercedes-Benz S-Class fuel vehicle to a Yangwang U8 new energy luxury SUV in 2025, with a total expenditure of RMB 98 million. The investor cited the Yangwang U8’s advanced off-road performance, intelligent driving system, and eco-friendly features as key reasons for the switch, stating that the vehicle’s technological advantages exceed those of traditional luxury SUVs. He also noted that choosing a Chinese luxury car reflects his recognition of China’s technological strength and cultural confidence. The vehicle is used for both family travel and outdoor leisure activities, with its long battery life and fast charging function solving the range anxiety problem. By the end of 2025, the investor was satisfied with the vehicle’s performance and after-sales service, stating that he would consider purchasing another Chinese luxury car in the future.
9. Conclusion and Future Outlook
9.1 Summary of Key Findings
This report comprehensively analyzes the luxury car consumption behaviors, trends, and risks of China’s UHNWIs in 2025 through a rigorous research methodology combining quantitative surveys and qualitative interviews. The key findings show that UHNWIs’ luxury car consumption strategies have shifted from brand symbolization to value-oriented rationality, with a clear focus on new energy models, intelligent experiences, and personalization. The proportion of new energy luxury vehicles in their consumption portfolios has increased to 35%, while the proportion of traditional fuel-powered models has decreased to 58%. Regional consumption is highly concentrated in first-tier and core second-tier cities, with Shanghai, Beijing, Shenzhen, and Guangzhou as the primary consumption destinations. UHNWIs are increasingly recognizing Chinese luxury car brands, with their market share rising to 18%, reflecting a shift in consumption concepts and the rise of national brands.
9.2 Key Recommendations for UHNWIs
Based on the research findings and risk analysis, this report puts forward key recommendations for China’s UHNWIs in luxury car consumption. First, UHNWIs should focus on new energy and intelligent luxury models, avoid over-investment in traditional fuel-powered models, and prioritize vehicles with advanced technology and strong value preservation capacity. Second, they should rationally view customization demand, balancing personalization with cost control, and choosing reliable customization service providers to avoid quality risks. Third, they should pay attention to the after-sales service capacity of brands, especially when choosing Chinese luxury car brands, to ensure a high-quality user experience. Fourth, they should closely monitor policy and market changes, adjust their consumption decisions in a timely manner, and avoid risks caused by policy adjustments and technological iteration.
9.3 Future Consumption Outlook (2026-2027)
Looking ahead to 2026-2027, China’s UHNWIs’ luxury car consumption will continue to focus on new energy, intelligence, and personalization, with the new energy luxury car market expected to maintain rapid growth, with a market share exceeding 50% by 2027. The proportion of Chinese luxury car brands in UHNWIs’ consumption portfolios is expected to increase to 30% by 2027, driven by continuous technological innovation and brand upgrading. The ultra-luxury car market will remain stable, with personalized customization becoming the core competitive point. Intelligent driving technology will continue to advance, with fully autonomous driving functions becoming a standard configuration for high-end luxury models. Additionally, the after-sales service system of Chinese luxury car brands will be further improved, reducing consumption risks for UHNWIs. Overall, the luxury car consumption environment for UHNWIs will remain favorable, with opportunities and risks coexisting, requiring more rational and forward-looking consumption decisions.
