Wind of wealth powers sales of superyachts
Superyacht sales climbed to record levels last year, sapping supply and boosting prices to heights unlikely to soften.
A total of 887 superyachts were sold in 2021, a 77% jump from a year earlier and more than double the number in 2019, according to maritime data firm VesselsValue.
Jeff Bezos, who has a net worth of $174.7bn, is awaiting delivery of a 120m sailing yacht. Steven Spielberg also has one on order after listing his old yacht for $158m.
Low interest rates and bumper markets fuelled $1trillion in gains last year for the world’s 500 richest people, noted the Bloomberg billionaires’ index. That wealth accumulation and demand for solitary recreation due to Covid were among the drivers of the sales, says VesselsValue.
Rising interest rates and choppy equity markets are unlikely to depress prices due to a lack of inventory. Superyachts take years to build and buyers wanting them right away have depleted the second-hand market.
“It’s a great time to be a yacht owner,” said Sam Tucker of VesselsValue. “Those who bought a year ago could sell for a profit having enjoyed a full season of free superyachting.”