Wealth report shows increase in superyacht sales

The richest 1 percent of people globally continued to buy superyachts and other luxury goods last year despite a decline in their overall wealth.
Author:
Updated:
Original:

The richest 1 percent of people globally continued to buy superyachts and other luxury goods last year despite a decline in their overall wealth after turmoil in the financial markets.

According to the latest wealth report from estate agents Knight Frank, sales of superyachts — defined as boats longer than 78 feet — soared 40 percent in 2015.

The rich continued to explore more far-flung destinations, such as the Antarctic and outposts in Asia, rather than their traditional ports of call in the Mediterranean and the Caribbean.

The number of ultra-rich, people with $30 million or more in assets, fell 3 percent last year, according to an article in The Guardian, citing the study.

There are now 187,500 people with assets in excess of that benchmark, down from 193,100 in 2014. It was the first decline since the financial crisis. Between them, they controlled $19.3 trillion in assets, down from $22 trillion the year before, reflecting the rollercoaster global stock markets, the slump in commodity prices and slowing economic growth in China and other countries.

The number of dollar millionaires around the globe also fell from 13.6 million in 2014 to 13.3 million last year. Together, they hold assets worth $66 trillion — more than the value of all global shares added together.

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.