Why the super-rich want bigger and bigger yachts So large, they sometimes can't even dock at ports

In recent years, the luxury yacht sector has grown significantly, especially after the pandemic, while at the same time the size of the vessels has become even larger. This trend is driven by the demands of a very wealthy clientele who, thanks to their economic power, heavily influence a relatively niche market; more and more clients are prioritizing larger spaces, as they ensure comfort and privacy during sea voyages. The kitchen, for instance, is increasingly being requested in larger formats to allow for the preparation of quality meals and to accommodate service staff, especially when entertaining dozens of guests. But a larger vessel also contributes to offering greater stability and reliability during navigation. Typically, what are considered "superyachts" or “megayachts” exceed 40 meters in length, although there is no standard measurement to classify them; in some cases, sizes even reach 100 meters – like the yacht owned by Bernard Arnault, called Symphony. A few years ago in Italy, a case erupted surrounding the vessel of the LVMH CEO, after his request to dock at the Mergellina marina, in Naples, the main docking point for large vessels arriving in the city, was denied. In the weeks prior, a similar episode had happened to Barry Diller, a prominent American businessman and film producer, who had to leave the Gulf of Naples with his sailing yacht Eos (about 90 meters long), after being refused docking at the port. Both cases sparked major debate and harsh criticism, especially regarding the missed economic impact tied to the presence of such yachts, considering that docking fees alone can amount to several thousand euros per day.

Attracting foreign billionaires who own large vessels and developing dedicated maintenance services is part of the strategy of several cities, aiming to promote and enhance the so-called "blue economy." Some private companies operating in the port of Barcelona, for example, have long been working to transform the area into a key European hub for the superyacht sector. The port is already partially equipped to host these vessels, which are often “parked” there during off-season periods. The project's promoters argue that expanding the available moorings, alongside other infrastructure investments, will create new jobs and boost tourism flows. However, according to some observers, these initiatives would not guarantee broad or real benefits, nor an economic impact that is equitably distributed across the city. In an interview with the New York Times, former Barcelona city councilor Gala Pin emphasized that although the new superyacht hub may indeed attract very wealthy individuals, in practice these visitors tend to spend their vacations on board their yachts, without much interaction with the city’s commercial fabric.

Typically, superyachts feature at least an outdoor pool, gyms, saunas, beauty salons, and sometimes even a helipad, among other amenities. Additionally, they often house smaller boats within their hulls for short-distance travel. Because of this, purchase costs vary greatly: broadly speaking, they start at around 35 million euros for more compact models and can reach nearly 300 million for very large, customized ones – explains an article by the BBC. Italy is one of the world's top builders of superyachts: in 2023 alone, the sector recorded revenues of over 8 billion euros. Thousands of people work in the country’s companies that produce luxury vessels each year, in addition to many others employed in the broader industry, including artisans, designers, skilled workers, and more. Superyacht manufacturers are receiving such a high number of orders that, in many cases, delivery takes several years, due to long waiting lists. The majority of clients are American. Until a few years ago, Russians made up the second-largest customer base, but Western sanctions following the invasion of Ukraine have reduced sales to Russian buyers. Today, there is growing demand from countries such as Turkey, Indonesia, and Mexico, among others, thanks to the growth of their respective economies. Looking at the global picture, the increasing concentration of wealth in the hands of a relatively small number of very wealthy individuals is clearly reflected in the superyacht sector – which is not only growing in numbers but also in size.