Monaco is one of the number one destinations if you like to watch marvelous superyachts. The wealthy principality of almost 40 000 inhabitants has one of the best harbors for superyachts because it is large enough to lower anchors. But how do you define a superyacht? Superyachts do not have official requirements but over 25 meter long yachts can be called superyachts. This is the easiest definition. 25 meter long superyachts may sound long but they are not. Khalifa bin Zayed Al Nahyan's Azzam is 180 meters long and it even has its missile defense system because ultra-high-net-worth individuals (UHNWI) are almost always surrounded by security systems.
The global superyacht market has stayed at the same level for many years, it has been seven billion euros between 2013 and 2017. Hence, a very steady market but manufacturers are always hoping for market growth. The market size of the superyacht market is not massive because Chanel's revenue was nine billion euros in 2017. Of course, Chanel is a consumer brand, which sells products for under 100 euros but when buyers need more money to buy superyachts. As an example, Sheikh Mansour's Topaz superyacht, which is 147 meters long, cost 476 million euros. But which countries are the leading building countries?
In 2016 the leading building country was Italy with 42 percent, the Netherlands was in the second place with 14 percent, Turkey with ten percent and the United States with seven percent. Most UHNWIs have a nice problem because they have too much money and they want to spend it. Therefore, ultra-rich are wanting for bigger ships each year and with the latest technologies. Superyachts are floating palaces and mansions but at the same time, they are very expensive toys. If you want to know more. Check out the Million Pound Mega Yachts For Sale documentary underneath.
Published in Luxury Sales Academy.