At the Monaco Yacht Show that ended last weekend 117 boats at a near-record level, including yachts such as “Shabby”, “Miss Candy” and “110’ Dolcevita” were exhibited. The yacht fair was like a world away from the war in Ukraine and the energy crisis that paralyzed Europe.
Industry executives talked about the high demand that intensified during the pandemic and said that the wealthy’s view of “owning their own boat” as an ideal option to escape the disease and lockdowns played an important role in this increase. On the other hand, demand remained strong despite the pandemic fears subsided.
Burgess, one of the leading superyacht brokers, increased its revenue by 20 percent compared to last year in the first 9 months of 2022. Burgess CEO Jonathan Beckett said in an interview: “Our clients are all so rich and they have always felt solid, unreachable, and powerful. I think what the pandemic did was make them feel vulnerable for the first time in their lives. ‘Life is fragile, I am not immortal and I can afford to go and do something really beautiful. ‘Why am I not doing it now?’ they thought. With strong demand, global superyacht sales broke records in 2021. According to Fraser Yachts, sales are still 68 percent above the 13-year average.”
Americans stand out as the driving force of demand for the yacht industry while making up for the absence of wealthy Russians. According to the Superyacht Times, as of August 31, American shipowners made up the largest share of both the existing fleet and new builds. Americans own 23 of the superyachts longer than 40 meters.
The Russians follow the Americans with about 9 percent. The majority of other buyers are yacht owners from Greece, England, Türkiye, and Italy. For several years, Russian oligarchs have been among the most high-profile buyers of superyachts.
