Background Image
Previous Page  14 / 76 Next Page
Basic version Information
Show Menu
Previous Page 14 / 76 Next Page
Page Background

A younger generation of wealthy individuals

is now transforming the broader luxury

landscape that UHNWs have access to.

Both inheritance and entrepreneurial

wealth accumulation are driving this

shifting wealth demographic.

The change is marked by a move from

accumulating tangible assets to pursuing

rare, tailored experiences. In part this is

because such uniqueness both confers

and confirms high status for those

who can secure such experiences.

To understand what unique experiences will

be sought out, we can identify three factors

that mark them out as desirable: time for

making every moment really count; privacy

during the experience; and personalisation

to meet both individual tastes and to

provide something truly unique.

A superyacht is the ultimate platform for

luxury, meeting all these characteristics. It

is an utterly personalised and incomparably

private cocoon, meaning the return on time

invested is maximised unlike any other.

Furthermore, the yacht platform does this

in a myriad of ways:

Privacy & peace

– The yacht provides the

seclusion and personal attention usually

reserved to a private estate or home.

Health & wellbeing

– Gyms, spas,

swimming pools, Jacuzzis, saunas and

beauty salons ensure personally valued

routines can be continued on board,

avoiding lifestyle disruption

and compromise.

Food & drink

– Dining is often nothing

short of majestic, with service to match.

Menus can be simplified or elevated as

moods dictate, and personal dietary

needs of family and guests effortlessly

accommodated.

Activities & entertainment

– A large

variety of options are available, from beach

and seclusion, to cinema rooms, parties

and marine activities.

Travel & culture

– Travel and cultural

sampling have long been a luxury experience

and are of course intrinsic to yachting.

There is a lifecycle to the yachting experience

that allows it to return dividends on time

invested, in all the above dimensions, and to

do so in the past, present and future. From

the planning of the boat’s build and the

anticipation preceding a sailing or charter

(future), to the on board experience and

journey itself (present) – and the memories

that endure after clients have returned to

shore (past), yachting is an experience that

extends beyond just the period on board.

Looking forward to the future of yachting,

we are guided by some emerging trends:

Ultimate luxury vs adventure

Increasingly, UHNWs want to combine 5

star luxury with adventure, something

superyachts are ideally suited to facilitate.

Exploring the lesser known cruising grounds

of the Galapagos Islands, and the Polar

regions on board ice breaking hulls, long

range vessels, and various ancillary craft

feature among emerging itineraries.

Innovative layouts

– The line between

indoor and outdoor is being redefined. Large

open plan interiors now flow and blend with

outside space that is designed to emphasize

the sea and outdoor experience.

Imaginative water toys &

entertainment

– Toys are becoming a

primary rather than secondary part of

the voyage. Jet skis, water skis and canoes

are being joined by new items like jetlevs,

skibobs and hover boards. Cinema rooms

and film choices are becoming increasingly

important too.

Health & wellness

– Individuals demand

carrying their whole lifestyle into the world

of yachting. Personal trainers, nutritionists,

therapists and masseurs, together with

menus to suit all palates and dietary

needs, are becoming normal rather

than exceptional.

In conclusion, as the pursuit of luxury

moves from goods and services to unique

experiences, the super rich are demanding

that the return on their most precious

possession, time, is maximised in

every way possible.

Superyachts provide the pre-eminent

platform to do this – and in a myriad of

ways. Membership of this elite club is

undeniably tough to gain, but the rewards

have never been greater or more rewarding.

Ultra High Net Worth (UHNW) individuals –

defined as those with a minimumnet worth

of $30million – number only 211,955 globally.

With just one for every 33,000members of

the general population, it’s an elite club.

Executive summary

THE STATE OF WEALTH, LUXURY AND YACHTING

12

EXECUTIVE SUMMARY