The luxury superyacht market is experiencing a significant surge, fueled by ultra-wealthy individuals seeking increasingly extravagant seafaring vessels.
Paola Trifirò, a seasoned superyacht owner, offers valuable insight into this exclusive world, having possessed over a dozen such vessels with her husband.
The Italian couple, who have amassed their wealth in law and continue to manage a global legal practice, indulge in global voyages aboard their opulent yachts.
Ms. Trifirò describes their boats, some exceeding 50 meters (164 feet) in length, as akin to floating five-star hotels, actively participating in their design.
A key requirement she emphasizes is spacious kitchen facilities for the crew, enabling them to prepare gourmet meals for up to 15 guests.
Ms. Trifirò explains, “If you are accustomed to fine dining, not every location [globally] offers restaurants of sufficient quality.”
She also highlights the reassuring nature of the vessels’ size, stating, “Whether sailing alongside humpback whales or receiving greetings from Fijian fishermen, my boats allow me to navigate… with strength and safety.”
Defining a superyacht, industry authority Boat International describes it as “a luxury, privately-owned yacht that measures 24 metres or more in length, and is professionally crewed”.
The publication reports a sales boom following the Covid-19 pandemic. With luxury hotels temporarily closed, many affluent individuals turned to superyachts as an alternative.
Consequently, 1,024 new superyachts were under construction or on order globally in 2022, marking a 25% increase from 2021 and a record high, according to Boat International. This figure further escalated to 1,203 in 2023, setting another new benchmark.
Barbara Armerio, co-owner of Italian family-run superyacht builder Amer, notes, “After the pandemic, people considered their super yachts as safe havens for themselves and their families.”
She adds that wealthy clients increasingly valued personal space and independence, requesting “bigger windows, more outside space, and easier access to the sea”.
While the total number of superyachts being built or ordered is anticipated to slightly decrease to 1,138 this year, Boat International’s data indicates a trend towards larger vessels. This year, 61 yachts of 76 meters or more are being manufactured, compared to 55 in 2024.
In the 46-meter to 60-meter range, numbers have risen from 159 to 175. Conversely, sales of the smallest superyachts, between 24 and 27 meters, have declined from 321 to 286.
“It’s evident that some of the new clients the industry attracted during the Covid-19 years are upgrading,” says Ms. Armerio.
Stewart Campbell, editor-in-chief of Boat International, observes that regardless of size, “designers and naval architects are becoming increasingly adept at maximizing volume within hulls, providing owners with significantly more onboard space.”
As a result, modern superyachts increasingly boast amenities ranging from helipads to cinemas, gyms, beauty salons, and saunas.
Correspondingly, prices are substantial. A new, smaller superyacht can cost €36 million ($41 million; £30 million), while a 105-meter vessel with all available options can reach €295 million.
Italy remains the leading builder of superyachts, with its shipyards currently working on a combined length of 22,195 meters, or approximately 22 kilometers (13 miles) of boats. Turkey ranks second, followed by the Netherlands, the UK, Taiwan, Germany, the US, and China.
In 2023, Italian shipbuilders generated a record €8.3 billion from superyacht construction.
Ms. Armerio states that her shipyard “produces only a few high-grade” superyachts annually, “masterpieces with unique details.”
She emphasizes that Italian yacht manufacturers like hers benefit from a robust network of local artisans. “In Italy, we find everything we need.”
Ms. Armerio cites the proximity of Tuscany’s stone quarries from her company’s base on the Ligurian coast, allowing easy access for marble orders.
Boat International reports that the majority of superyacht buyers are from the US, with increasing numbers originating from Turkey, Indonesia, and Mexico as those countries’ economies expand.
Meanwhile, sales to Russian buyers have decreased due to sanctions imposed against the country and its elite following Russia’s invasion of Ukraine.
Highlighting the appeal of superyachts, Ms. Trifirò explains that they enable her to explore the world and satisfy her wanderlust, particularly enjoying being at the helm.
“My curiosity to explore new places motivates me to cruise the oceans while in the driver’s seat,” she says.
Ms. Trifirò adds that her crew is compensated at twice the rate they would likely earn on land, “as it is very important to keep them happy. Our captain has worked for us for 22 years.”
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