Global Superyacht Sales Rocket

Holing up in a gleaming multi-million-dollar high-end vessel, complete with offices, ultra-fast satellite Internet, and conference facilities, is how some of the world’s mega-rich are isolating during the Covid era. 

Orders for luxury vessels have soared during the Covid pandemic as the wealth of billionaires’ continues to grow. The rich and famous have amassed £2.5trn since 2019 and, even as Omicron threatens more restrictions across the world, the affluent elite willbe relieved they can hole up in their yachts. 

The boom in Superyacht orders have reached record levels as the soaring wealth of the world's richest people continues to soar. Globally, more than a thousand superyachts are under construction, eclipsing the previous highest level of orders seen in 2009, according to figures in the latest Global Order Book, published by the magazine Boat International. In 2020, billionaires saw the steepest increase in their share of global wealth since the World Inequality Lab began recording figures in 1995. Their net worth was up by an additional £2.73trn. 

A superyacht is considered a leisure vessel more than 24 metres in length, with the largest - the Azzam, owned by the UAE leader Khalifa Al Nahyan - spanning 180 metres. Increased wealth amongst the wealth has also led to more extravagant features on the biggest superyachts, with moon pools, submarines, and helipads featuring on larger vessels.  

The most expensive superyachts can cost upwards of £1bn with these multi-million-dollar vessels now being fitted with conference facilities and offices.On board, the best and most reliable internet connection at sea requires the installation of a satellite dish, with monthly data costs starting at over £1,350. 

As the pandemic spread around the world, the sight of some retreating to their superyachts sparked a trend. David Geffen, a billionaire US entertainment mogul, told his Instagram followers that he was "Isolated in the Grenadines avoiding the virus" on his 138-metre superyacht, reportedly supported by a crew of 45 people. 

It’s not just dazzling Superyachts at the top end of the market that have surgedin sales - smaller yachts and second-hand vessels are also selling at record highs. Around 50 per cent of all superyachts this year will be built in Italy, while 81 will be built in the UK. According to Superyacht UK, the industry body, the industry supports over 5,000 jobs and added over £300m in gross value added to the UK economy in 2019.