- A record 887 superyachts were sold last year, up 77% from 2020, according to VesselsValue.
- An "increased need for privacy and private isolation" is driving demand.
Super rich people who craved more privacy during the pandemic have taken to the high seas, sending the sales of superyachts to a record high last year.
One reason for the spike in multimillion
Low interest rates helped to provide for cheap borrowing, while the stock market boom also created more
According to a study released last March by Americans for Tax Fairness and the Institute for Policy Studies, the collective wealth of 657
While there was more money, there were fewer yachts to go around as shipyards were unable to significantly increase capacity due to global supply chain issues and a less efficient workforce due to pandemic movement restrictions, said VesselsValue's Tucker.
In 2021, fewer than 150 new yachts were delivered, far lower than over 350 in 2019, according to VesselsValue.
This has kept prices up in the secondhand market. Before the pandemic in 2019, a ten-year-old 60-meter Italian-built
Superyachts are under the spotlight as Amazon founder Jeff Bezos' new $500 million yacht, currently known as Y721, is reportedly so big that the historic Koningshaven Bridge in the port city of Rotterdam may have to be temporarily dismantled just so the vessel can pass.
Some Dutch residents are apparently not amused, and are planning to throw eggs at the superyacht when it passes the location.