Chinese yacht builders are growing quickly

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China’s economic growth has resulted in flush times for the country’s emerging yacht industry.

A half-dozen or so Chinese yacht builders are now competing against established Western builders like Azimut Yachts, Ferretti Yachts, Princess Yachts International, and Brunswick for wealthy consumers on the mainland, according to a report in Bloomberg BusinessWeek.

Although the number of millionaires in China is estimated at more than 447,000, there are only about 100 Chinese-owned yachts longer than 60 feet, according to Rupert Hoogewerf, who compiles the Hurun Report, which tracks China’s wealthy.

Click here for the full report.

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