Despite economic despondency and pessimism in recent years, the economic climate hasn’t appeared to have affected the pockets of the super wealthy when it comes to vacations and luxuries. The Superyacht Report recently stated that superyachts contribute around €24 billion to the global economy annually.
Superyachts are getting bigger
A recent study undertaken by The Superyacht Group reported that the world’s ultra high net worth individuals (UHNWIs) are not only continuing to buy and build superyachts, but that the superyachts being designed and delivered are now also becoming mega yachts. The average size of yachts in build continues to increase, with over 30 per cent now over 50 metres in length, compared to 20 per cent a decade ago.
Over 200 superyachts were launched in 2012, strengthening the global fleet to over 4500, but perhaps the most exciting new entrant to the market is the world’s biggest superyacht, the colossal 180m Azzam. Azzam was recently launched by fourth generation shipbuilder Lürssen and is rumoured to have been commissioned by a Saudi billionaire. The five next largest superyachts have a combined length of over 770m which, if all anchored bow to stern in a line, would equal the length of eight and a half football pitches.
With the luxury asset industry having a positive effect on the global economy, it is important to note that these luxury assets have a positive impact at all levels, from the yacht and air crew, to the professional services provided by lawyers, tax advisors and trust companies. Both the Isle of Man and Malta are excellent examples of jurisdictions which have cornered the market for provision of services to the luxury asset sector.
Following a successful trip last year, Boston will be attending the 23rd annual Monaco Yacht Show between 25th and 28th September 2013. Already hailed as Europe’s largest event in yachting, this years show promises to be bigger than ever with 500 major companies exhibiting and 105 super and megayachts exhibiting afloat in the waters of the Port Hercules marina.
We are looking forward to flying the flag for Boston!