The Ultra Rich Bought Bigger, More Expensive Yachts in 2015
Superyacht sales are up 40 percent from 2014 to 2015, according to the Knight Frank Wealth Report, and the ultra-rich are changing what they do with them.
This article is for subscribers only.
The ultra rich spent last year buying the most fabulous—and gigantic—yachts in the world, according to the Knight Frank Wealth Report, which determined that superyacht sales were up 40 percent from 2014 to 2015. The report, conducted with Wealth-X, surveyed around 45,000 ultra-high-net-worth-individuals whose collective wealth is more than a half trillion dollars.
Defined as yachts longer than 78 feet by Knight Frank, "superyachts" are most popular in the Pacific. The boats are extremely expensive not only to purchase but also to operate. Kitty McGowan from the United States Superyacht Association estimated the annual cost for operating a 180-foot yacht was $4.75 million.