Brazil sees booming yacht market

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Booming commodity prices fueled by Chinese demand, along with some of the world's biggest offshore oil discoveries, have created an expanding class of wealthy Brazilians. They, in turn, are boosting the international yacht market even as it plummets in the U.S. and Europe.

The number of millionaire households in South America's biggest nation is forecast to more than triple by 2020. Their spending, along with that of a newly swollen middle class, has protected Brazil more than any other nation in the region from economic shocks since 2008, according to an Associated Press report.

A May report on the geography of wealth from the U.S.-based consulting firm Deloitte said that emerging market economies “are likely to prove to be more dynamic in terms of growth rates, creating significant opportunities for wealth managers seeking to gain a share of these potentially lucrative markets.”

Annual boat sales in Brazil have grown up to 30 percent annually since 2008 depending on the specific segment of the market, industry leaders said. Meanwhile, in the more traditional boating markets in the U.S. and Europe, sales of high-end boats have dropped by 70 percent, analysts said.

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