Billionaires' superyachts are bigger, better, and have more on board than ever
29.03.2024 - 10:45
/ insider.com
For many wealthy boat owners, a private spa is a must-have on board. A sauna is a nice touch. A Jet Ski or two makes days at sea way more fun. And if you don't have someone on board who can whip up a Michelin-star-worthy meal, you might as well stay on land.
In the world of massive yachts, there's no such thing as too much. After all, if someone spends eight or nine figures to design the vessel of their dreams — or at least $500,000 a week to charter one — more is more.
"Yachting. It's not rational; it's emotional," Ralph Dazert, the head of intelligence at SuperYacht Times, told Business Insider at the Palm Beach International Boat Show, where dozens of superyachts — often defined as vessels over 30 meters in length — were on display.
And while there are certain classic features, such as jacuzzis and bars, what superyacht owners want is evolving, insiders at the show said. That might mean more crew members, more space for helicopters, or more water toys, but might also include manicure salons and putting greens.
"The bar of what is the baseline expectation has increased exponentially just over the last four or five years," Anders Kurtén, the CEO of brokerage Fraser Yachts, said. Clients are "spending more time on the boat and really wanting to extend the lifestyle they lead on the shore."
A lot of this can be chalked up to the pandemic. Superyacht purchases and charters spiked as life and luxury travel on land screeched to a halt. While the market has moderated slightly, the number of superyachts on order — 1,166 as of September, according to Boat International's Global Order Book — is still above pre-pandemic norms.
"What the pandemic really showed is that the appetite for being out there at sea, sort of living the marine lifestyle, is still as valid as ever," Kurtén said.
That means there's a lot of money on the water.The total value of the 203 superyachts over 30 meters delivered last year was $6.4 billion, according to data from SuperYacht Times. New custom builds from the world's most prestigious shipyards — Lurssen, Feadship, Oceanco, Benetti — can run into the hundreds of millions. Even used superyachts at the Palm Beach show cost as much as $75 million.
And it's not just traditional buyers like retired wealthy couples looking for a place to relax or celebrities looking for a place to party away from the paparazzi. New clients are often younger and have families, so want areas to work and watch movies. They also want pricey water toys, access to fitness equipment, or even pizza ovens for picky eaters.
"This would've never happened in the nineties," said Giovanna Vitelli, the vice president of the Azimut Benetti Group, the world's biggest producer of superyachts. "You would go with your