MARANELLO, ITALY -- How long should the world's super-rich have to wait before they can buy a Ferrari? The answer has as much to do with how luxury-goods companies create an aura of exclusivity as it does with the global economy's shifting winds minting more millionaires in places like China, Russia and the Middle East.

For years, Ferrari SpA, a division of Italy's Fiat SpA, had a standard 12-month waiting list for a new car. That was long enough to make prospective Ferrari owners drool with anticipation, but not too long to drive them toward competitors such as Porsche AG or Volkswagen AG's Lamborghini, where waiting times are usually shorter.