OPINION: Tinsel-Town-sur-Mer showcases a soon-to-be £8.28 billion industry
This is the £3.45 billion view from atop the Yacht Club de Monaco, during the show this week.
The world’s finest superyachts rode elegantly in harbour waters, while personal submarine craft floated under them. Above, yacht-capable helicopters whizzed through azure skies. Welcome to all the glam and the glitz of the Monaco Yacht Show, staged for its 29th year in Tinsel-Town-Sur-Mer.
But look a little deeper behind the razzmatazz, the glitzy sun deck receptions and the crowds thronging the exhibitors’ stands and there is a fascinating window on a soon-to-be £8.28 billion industry.
That’s the predicted value the global superyacht market by 2025, according to a report from the US-based research group Research and Markets.
Superyacht Investor was privileged to be there; dockside and aboard some to the most impressive luxury vessels. Particularly memorable were the 60-metre Samurai and the 40.9-metre Bintador – the latter resplendent with an Airbus H135 helicopter atop her foredeck helipad.
£3.45 billion afloat
While touring some of this year’s fleet of 125 superyachts, the show’s biggest-ever collection, it can be easy to overlook the contribution that this industry makes worldwide. If you ever wondered what £3.45 billion looks like when afloat – simply gaze around the harbour of Port Hercules.
One source told me dockside that every time a superyacht puts into a port, it can generate up to $100,000 for the local community. Constructing a superyacht generates a ripple effect throughout local economies that extends beyond the shipyard craftsmen, engineers and designers. Up to 350 people are needed to build a 65-metre superyacht, according to The International Superyacht Society. And Delft University of Technology has estimated that building such vessels can deliver 30-40 times the monetary value of a passenger ship or freighter.
$100,000 for the local community
So, if you were lucky enough to view the superyachts first hand or while you read about them in publications, such as Superyacht Investor, it’s worth remembering that the wealth associated with these vessels is not confined solely to the high net worth individuals who own or charter them. The industry also generates significant sums for the communities who build and service these magnificent vessels.