Asia is home to less than 4 percent of the world’s 7,000 superyachts but interest has been taking off for the last five years and many buyers are young, executives from the luxury boat industry said at a conference in Singapore on Wednesday.
As Western economies sputter, Asia has steamed along with growth and wealth creation. The 2011 Merrill Lynch-Capgemini World Wealth Report showed Asia has 3.3 million people with high net worth, just behind the 3.4 million in North America but ahead of the 3.1 million in Europe.
This week’s Asia-Pacific Superyacht Conference flows into the Singapore Yacht Show that runs from Friday to Sunday, when the ultra-affluent can peruse some of the world’s largest boats, check out a showcase of supercars, sip champagne in a VIP lounge and enjoy meals by Michelin-starred chef Pascal Aussignac.
The biggest boat in the show, the 57-metre (187-foot) MY Montigne, is also for sale to anyone with a spare $21.8 million.
Hong Kong remains the biggest market for luxury boats in Asia but Thailand, China, Indonesia and Singapore are growing significantly.