The yacht industry was considered by analysts to be invincible, because its customers are too wealthy to be bothered by inconveniences like inflation and recessions. Moreover, the number of people who can afford yachts, ultra-high-net-worth-individuals worth over $50 million, are growing. In 2022, Credit Suisse predicted that the global population of individuals wealthy enough to buy yachts would grow by 121,000 over the next five years to 385,000.
And yet, the yacht industry hasn’t been doing very well lately. The percentage of super rich who own yachts has been declining since 2017, indicating that new members of the $50 million+ club may be blasé about splurging on a palace at sea.
