Yachts & the Rich in times of Pandemic. A symbol of a world divided by class
The Government has seized a £38m super yacht moored at Canary Wharf owned reportedly by a Russian. The grounds for seizure seem somewhat dubious but that didnt stop Grant Shapps turning up for a photoop. The real issue is that £38m doesnt really get you a superyacht in 2022. At least £100m is required and the new Royal Yacht will cost (at least)£250m
https://www.bbc.co.uk/news/business-60912754
Yachts are one of the symbols of the pandemic. In June 2021 the Financial Times How to Spend It magazine had an entire feature on yachts. I’m not sure whether yacht owners read the FT for guidance or if the paper just likes the advertising.
It reported that the during the Pandemic that the very rich have become even richer and have some spare cash to spend on a new yacht. The FT noted that 494 superyachts (up from 341 in 2020) are currently being built in boatyards.
On 12th February 2022 the FT reported that Credit Suisse has lent more than $1bn to rich investors to buy yachts with. A Dutch boat builder is constructing a $127m yacht for Jeff Bezos which will have 3 masts. There are now 1000 superyachts on order or being built and the FT notes that there are more buyers than yachts.
It appears that slightly smaller but better equipped yachts are what is required. Things like on-board spas, ski rooms, centrifuges and Arctic ice crushers are essential items
As the FT’s yachting correspondent notes they ‘have no real reason’ to exist. They serve no actual purpose. However yacht owners are getting younger, under 40, and as much sailing around in them they want their boat to make a statement when it comes into harbour. Apparently.
Choosing what yacht one wants is reportedly a tricky task. Practical or aspirational. Cost is not an issue either for the super-rich who have created a boom in the market or I suspect for readers of this who may not get much further than the Ally Pally boating lake.
The FT however suggests a dialectic of the superyacht: ‘the less popular the display of wealth, the more desirable the boat
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