Superyachts gain popularity among UK’s super-rich

The world’s ultra-wealthy spent a total of $2.68 billion on luxury yachts in 2015

Eclipse, the private luxury yacht of Russian billionaire Roman Abramovich, anchors at Hisaronu Bay in Marmaris , southwestern Turkey. The 163-meter-long Eclipse, world's second largest private yacht, has two helicopter pads, 24 guest cabins, two swimming pools, a disco hall, a movie theater and two mini-submarines. (Getty Images)

Rich Britons own the second largest fleet of superyachts in the world after the US, a new global ownership survey finds.

The world’s ultra-wealthy spent a total of $2.68 billion on luxury yachts in 2015, according to a report from Camper & Nicholsons, a leader in superyacht sales and Wealth X, which studies the world wealthiest individuals.

UK individuals own 11 per cent of the 1,512 superyachts, defined as a vessel of 30 metres or more, behind the US which owns 33 per cent. Italy comes third with 5 per cent of owners.

The average value of a superyacht owned by an Ultra High Net Worth Individual (UHNWI), or someone with net assets over $30 million excluding their main property, is estimated at $10 million (£7 million). This might explain why there are less than 4,500 superyachts owners worldwide.

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Despite the costs, the British superyacht sector is growing with revenue up 10 per cent on last year to £542 million. It now accounts for 4,000 jobs in the marine industry.

“The superyachts brokerage market has shown signs of recovery for the past few years, with the number of sales in 2014 and 2015 increasing significantly since the economic downturn of 2008,” Alex Lees-Buckley, sales broker at Camper & Nicholsons, said.

Despite a decrease in deliveries to 145 in 2015 from 156 in 2014, ownership is not in decline. Orders have jumped to 166 from 152 in 2014 in a sign of recovery for the market, which was hit by the financial crisis.

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The largest orders last year included the 139m Serene made by Italy’s Fincantieri as well as the 51.7m Red Dragon from Alloy Yachts in New Zealand, which came with a price tag of nearly €18 million (£12.5 million).

The super-rich are still in pursuit of the world’s “most desirable objects” even as their wealth keeps shrinking according to another research provided by New World Wealth for the Knight Frank Wealth report out in March.

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Wealthy individuals tend to spend the most on classic cars, wine and luxury watches, the report found.

“Although no classic car managed to beat the record set by Bonhams in 2014 when it auctioned a 1962 Ferrari 250 GTO Berlinetta for $38 million, eight of the 25 cars ever to have sold for over $10 million at auction went under the hammer in 2015,” said Andrew Shirley, editor of the Wealth Report.

The world’s 1,810 billionaires have lost a total of $570 billion in a year, according to Forbes magazine’s annual rich list.

The 5 countries that own the most superyachts:

1. The United States: 33%

2. The United Kingdom: 11 %

3. Italy: 5%

4. Australia: $%

5. Russia: 3%