When Covid restrictions were lifted, bankers, CEOs and other high flyers were willing to pay millions of dollars for a week-long luxury cruise.
The popularity of chartering out luxury vessels that can come with all the frills from restaurants to cinemas has led to a 20% increase in bookings this year.
The privacy, security and flexibility that a yacht charter provides is what makes it popular. She charges $150,000 just to join her company's members-only service. They want to have a good time.
Americans are a growing client base, helping to fill gaps left by wealthy Russians who aren't traveling as much because of restrictions following the invasion of Ukraine These floating palaces are not the only ones being hired by the likes of Jay-Z and Bey. A couple from the U.S. enjoyed their cruise in Greece and Turkey so much that they booked another in Italy and invited friends along.
Mark Duncan, Director of Marketing and Business Development at Fraser Yachts, said that the company booked nearly 500 private trips in the first half of the 21st century. Most of the growth is being driven by Americans, who are renting for the first time, according to Duncan, who is based in Monaco. The company hires out megayachts, one of which is Wheels, a 75 meter vessel with a gym and nightclub.
The number of households with a net worth of between $1 million and $5 million increased 8% in the year 2021, while the number of households with a net worth of $25 million or more increased 18%.
Clients of ours are high net worth individuals, running banks and hedge funds. In the last few years, they have made a lot of money. They want to travel again.
The average age of customers has gone from 60 to 50 in the last two decades. More than 30% of Fraser's clients are new to yachting, compared with 15% previously. Several generations from the same family are more popular on cruises.
People couldn't be with their families during the Pandemic. It's possible for all to be together on a yacht. You are not trapped in a single place. If you want to control the environment, you can test everyone.
Demand for bigger superyachts is increasing due to the trend of families and friends travelling together. The head of Europe's charter management said that Camper & Nicholsons International saw the highest demand in the 50-60 meter range.
The company's overall bookings are up as much as 30% this year. They are familiar with the style of yacht they want.
There are two helipads, an elevator and a basketball court on the 126-meter Octopus, which is one of the world's most expensive superyachts.
The building used to be owned by the late Paul Allen. There are as many as 42 crew on the ship. Camper & Nicholsons said it is already getting requests for month-long excursions in the Mediterranean in the summer of next year.
According to Fraser's Duncan, there are 3,100 private yachts available for charter around the world, but the number of superyachts has fallen as a result of sanctions on Russia. The Axioma, owned by Russian billionaire Dmitry Pumpyansky, had been listed for charter for over half a million dollars a week in the summer. It was put up for sale at an auction in August.
Private rentals are subject to more scrutiny.
Clients are asking about the yacht's ownership, according to a yacht broker in Monaco. They want to be out of the way.
Broker are focused on getting clients onto boats and advise them to book within days of getting a quote Negotiating with owners on prices is not usually done.
Yachting is thriving.
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