Asia’s young and rich splash out on superyachts

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Asians with new wealth are providing a boost for the regional yachting industry as they spark an increase in sales of luxury boats, according to a Reuters report.

Singapore is among the Asian countries hoping to grab a sizeable share of the yacht-owning market, with four marinas that can house boats longer than 25 metres.

The island nation is hosting the Asia-Pacific Superyacht Conference as it continues to promote itself as a haven for the rich.

The report quoted Simon Turner, director of Singapore-based yacht brokers Northrop and Johnson, saying: “We had a guy turn up a few weeks ago in a Lamborghini and say ‘Look, my friend has just bought the same Lamborghini. What can we do different?’

“So we got some boat brochures and he said ‘I’ll buy one’. It was done in five minutes. That’s a $10 million yacht.”

The report said Asia moors less than for per cent of the world’s 7,000 superyachts but the continent’s young and wealthy are leading the way in buying these luxury vessels.

A 2011 Merrill Lynch-Capgemini World Wealth Report said Asia has 3.3 million people with high net worth, just behind the 3.4 million in North America but ahead of the 3.1 million in Europe.

The biggest market for superyachts in Asia is Hong Kong with rapid growth reported in Thailand, China, Indonesia and Singapore.

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Reading Time: 1 minute

Asians with new wealth are providing a boost for the regional yachting industry as they spark an increase in sales of luxury boats, according to a Reuters report.

Reading Time: 1 minute

Asians with new wealth are providing a boost for the regional yachting industry as they spark an increase in sales of luxury boats, according to a Reuters report.

Singapore is among the Asian countries hoping to grab a sizeable share of the yacht-owning market, with four marinas that can house boats longer than 25 metres.

The island nation is hosting the Asia-Pacific Superyacht Conference as it continues to promote itself as a haven for the rich.

The report quoted Simon Turner, director of Singapore-based yacht brokers Northrop and Johnson, saying: “We had a guy turn up a few weeks ago in a Lamborghini and say ‘Look, my friend has just bought the same Lamborghini. What can we do different?’

“So we got some boat brochures and he said ‘I’ll buy one’. It was done in five minutes. That’s a $10 million yacht.”

The report said Asia moors less than for per cent of the world’s 7,000 superyachts but the continent’s young and wealthy are leading the way in buying these luxury vessels.

A 2011 Merrill Lynch-Capgemini World Wealth Report said Asia has 3.3 million people with high net worth, just behind the 3.4 million in North America but ahead of the 3.1 million in Europe.

The biggest market for superyachts in Asia is Hong Kong with rapid growth reported in Thailand, China, Indonesia and Singapore.

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