How much does a super yacht cost? And who owns these luxury vessels? Baroque Yachts has all the details
Yes, super yachts are synonymous with wealth – they cost millions to build and even more millions to maintain. So if you own one of these vessels, there’s no question – you can afford it. The largest private yacht in the world is owned by the President of the United Arab Emirates, Khalifa bin Zayed Al Nahyan. Called Azzam, the 590-foot super yacht apparently cost in the region of $600 million to build. But the President can afford it. After all, he’s considered to be one of the wealthiest monarchs in the world with a net worth of US$15 billion.
So how much does a super yacht really cost? If we’re talking about the average super yacht that doesn’t belong to one of the richest men in the world, then we’re talking about $275 million. But those are just average super yachts, not large ones, like Azzam, which cost significantly more.
Maintenance is the tough part of owning this type of luxury yacht. After all, one has to take gas prices into account as well as general maintenance, not to mention taxes, and salaries for the crew. Let’s not forget about dockage fees (in the region of $350,000 per annum, apparently, insurance (another approximately quarter of a million dollars every year) and repairs, which could cost millions, even if it’s just wear and tear.
It’s been estimated that to own a super yacht, one needs to spend approximately one tenth of the price of the vessel every year just to keep it in good condition. Of course, the number of crew and staff required to maintain the yacht is also something to write home about. Let’s take the Azzam, for instance – it has a staff of 50. Smaller yachts may have a staff of around half that – but that’s still a lot of crew members.
Who owns the world’s super yachts? According to a recent report put together by Towergate and written about in Forbes Magazine, 14% of owners come from the US, and the next largest group are Russians. Also, the Asian market is increasing year on year. Interestingly enough 10% of all super yachts purchased are paid for in full upfront, and are kept for a maximum of three years. Some super yachts have the most inventive modern security, including motion sensors, biometric fingerprints for entry and even bomb-proof windows and escape pods. And that’s not counting the sumptuous facilities on board. For instance, Forbes talks about the super yacht Eclipse, which is owned by a Russian businessman by the name of Roman Abramovich, which includes two swimming pools, two helicopter pads and a submarine that fits three, which is used for leisure activities.
Of course, many of the owners are big players who are household names, including Steven Spielberg, Steve Jobs’ family and many of the rich and famous. There are an equal amount who prefer to charter a super yacht and sail the seven seas. If you fall into the latter category, why not contact Baroque Yachts right away and we will arrange a yacht charter for you for the coming summer months? Email email@example.com for all the details.