Superyacht Sales Surged in 2021 as Billionaires Added Trillions in Wealth Amid Pandemic - Report
Sales of massive luxury superyachts spiked in 2021 compared to 2019, an industry publication revealed on Monday. The COVID-19 pandemic and its associated economic crisis has seen an incredible transfer of wealth into the coffers of the world’s richest people.
The Superyacht Group reported on Monday that sales of luxury vessels longer than 30 meters (98 feet) increased by 8% between January and October of 2021 as compared to the same period in 2019.
That translates to more than 200 new boats hitting the water in 2021, as compared to 165 in 2019. On top of that, another 330 have been ordered to be ready before the end of next year.
"Some have seen that their ultra-rich friends who own yachts had a nice time during the pandemic, while they had to lock themselves at home," Pepe Garcia, chairman of Spanish shipyards MB92, the world's leading superyacht refit firm, told Reuters. "I think this phenomenon is going to last for a few years."
Brokers Fraser Yachts told Reuters that "2021 is significantly outperforming any of the last 12 years.”
Owning such a vessel, which can cost up to $500 million, is a mark of the world’s richest humans, placing you among the ranks of Jeff Bezos, Jack Ma, and David Geffen, the lattermost of whom drew no shortage of resentment by the world proletariat after announcing at the start of the pandemic that he was “self-isolating” on his superyacht “Rising Sun” in the Grenadines, a Caribbean island chain.
Helping drive the massive purchases has been a huge upward transfer of wealth since March 2020, when the spread of COVID-19 became a global pandemic, bringing mass social lockdowns and demand for a host of new goods ranging from electronics to facilitate distance working, learning and socializing, to delivery services like DoorDash, to medical safety items like masks, swabs and gowns, and the most notorious investment project: COVID-19 vaccines.
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