The luxury market for superyachts is thriving, with the ultra-wealthy demanding increasingly larger floating mansions.
Paulo Trifirò, along with her husband, has owned over a dozen superyachts throughout their careers. As successful lawyers and owners of a global legal firm, they enjoy sailing around the world in the utmost luxury.
According to Ms Trifirò, their superyachts, which can reach lengths of over 50 meters, are like five-star hotels on water. She is actively involved in the design process and ensures that the crew has ample kitchen space to prepare gourmet meals for up to 15 people.
Ms Trifirò explains that this is important because not all destinations have high-quality restaurants. She also values the safety and strength of these large vessels, allowing her to sail with confidence and security, whether it be alongside humpback whales or exploring remote islands.
But what exactly is a superyacht? While there is no official global definition, Boat International, a leading industry website and magazine, describes it as a privately-owned yacht measuring 24 meters or more in length and professionally crewed.
The pandemic caused a surge in global sales for superyachts, as the wealthy were unable to travel to luxury hotels and instead turned to these floating palaces. According to Boat International, there were 1,024 new superyachts built or on order worldwide in 2022, a 25% increase from the previous year and a new record high. This number continued to rise in 2023, reaching 1,203 new superyachts.
Barbara Armerio, co-owner of Italian superyacht builder Amer, believes that the pandemic made people view their superyachts as safe havens for themselves and their loved ones. She also notes that billionaires value their personal space and independence, leading to requests for larger windows, more outdoor space, and easier access to the sea.
Although the overall number of superyachts being built or ordered is expected to slightly decrease this year to 1,138, the average size of these vessels is increasing. Boat International reports that there has been an increase in the number of superyachts measuring 76 meters or more, as well as those in the 46-60 meter range. Meanwhile, sales for smaller superyachts (24-27 meters) have decreased.
Ms Armerio believes that this is because some of the new clients gained during the pandemic are now upgrading to larger vessels. She also notes that designers and naval architects are finding ways to maximize interior space, resulting in superyachts with amenities such as helipads, cinemas, gyms, beauty salons, and saunas.
As expected, the prices for these superyachts are exorbitant, ranging from €36 million for a smaller vessel to €295 million for a 105-meter yacht with all the bells and whistles. Italy remains the top producer of superyachts, with shipyards currently working on a combined length of 22,195 meters. Turkey, the Netherlands, the UK, Taiwan, Germany, the US, and China also contribute to the production of these luxury vessels.
In 2023, Italian shipbuilders earned a record high of €8.3 billion from superyacht production. Ms Armerio takes pride in her shipyard, which focuses on producing a select number of high-quality superyachts each year. She credits the success to the skilled local artisans and the abundance of resources in Italy, such as the ability to easily access Tuscany’s stone quarries for materials.
Boat International reports that most superyacht buyers are from the US, but there is a growing market in countries like Turkey, Indonesia, and Mexico. Sales to Russian buyers have decreased due to sanctions against the country and its elites following the invasion of Ukraine.
For Ms Trifirò, the appeal of owning a superyacht is the opportunity to see the world and satisfy her wanderlust. She also enjoys being at the helm of the boat and actively participates in sailing. To keep her crew happy, she pays them double what they would typically earn on land, and her captain has been with them for 22 years.