Photo: Camper & Nicholsons
It could be argued that luxury superyachts were affected more by the international sanctions against the Russian oligarchs than by the uncertain financial context or the pandemic. Current figures show that the charter market for ultra-expensive pleasure craft is booming, and that’s thanks to American millionaires, who are also getting younger.
Wealthy Americans in top industries such as banking and finances are driving the luxury yacht charter market, Fortune concludes after looking at some of the most recent figures.
Reputable operators such as Fraser and Camper & Nicholsons are reporting significant increases compared to 2021. Frasier secured almost 500 trips in just the first half of 2022, while Camper & Nicholsons’s bookings were 30% higher compared to previous years.
Another notable development is that customers tend to be younger. Until recent years, wealthy people in their 60s and up would be the main customers, but younger millionaires in the 50-year range are increasingly interested in this luxury service. Also, they want bigger superyachts because they want to spend more time with family and friends, especially after the restrictions imposed during the pandemic.
Even though things look to be going great in this sector, the sanctions against Russia had some consequences here as well. Rich Russians were some of the main customers, just like Americans. Due to travel restrictions, the demand from this country dropped significantly.
Plus, many of the world’s most famous and opulent charter vessels are owned by Russians. Some of them, like the infamous Axioma, are no longer available, since they were seized or frozen. Even customers themselves are apparently more careful about the origin and ownership of the yachts they choose, according to brokers.
Charters give those with sufficient funds the chance to experience famous superyachts, such as Octopus, Paul Allen’s stunning 414-foot (126 meters) megayacht. This unique vessel is available for the public for the first time, and in just a few months it will be heading to Antarctica. With the number of millionaires in the U.S. steadily growing, it seems that the current 3,100 private yachts available for charter around the world won’t be enough.
Reputable operators such as Fraser and Camper & Nicholsons are reporting significant increases compared to 2021. Frasier secured almost 500 trips in just the first half of 2022, while Camper & Nicholsons’s bookings were 30% higher compared to previous years.
Another notable development is that customers tend to be younger. Until recent years, wealthy people in their 60s and up would be the main customers, but younger millionaires in the 50-year range are increasingly interested in this luxury service. Also, they want bigger superyachts because they want to spend more time with family and friends, especially after the restrictions imposed during the pandemic.
Even though things look to be going great in this sector, the sanctions against Russia had some consequences here as well. Rich Russians were some of the main customers, just like Americans. Due to travel restrictions, the demand from this country dropped significantly.
Plus, many of the world’s most famous and opulent charter vessels are owned by Russians. Some of them, like the infamous Axioma, are no longer available, since they were seized or frozen. Even customers themselves are apparently more careful about the origin and ownership of the yachts they choose, according to brokers.
Charters give those with sufficient funds the chance to experience famous superyachts, such as Octopus, Paul Allen’s stunning 414-foot (126 meters) megayacht. This unique vessel is available for the public for the first time, and in just a few months it will be heading to Antarctica. With the number of millionaires in the U.S. steadily growing, it seems that the current 3,100 private yachts available for charter around the world won’t be enough.
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