In fact, the number of 40-metre-plus yachts increased from just over 1,000 in 2007 to 1,835 by the end of 2015, and is predicted to grow to around 2,285 by 2020, according to industry analysts. This steady growth rate is understandable given that the number of billionaires, who are the only ones who can afford to shell out the huge sums to build and maintain the vessels, has been on an even faster upward curve, rising fivefold to 1,826 between 1995 and 2015, and predicted to hit 2,500 in three years time. Interestingly, the boats are getting bigger too: in the past decade the 50-metre-plus segment of the market has grown at a compound annual rate of 11 per cent, and there are currently 142 superyacht projects under way which have an average length of 70 metres.
This is rather good news for the specialist companies catering for the maintenance of these huge ocean going vessels which require a major survey every five years to comply with certain class, maritime laws and insurance requirements. That's because their wealthy owners usually take the opportunity to undertake some general maintenance and repaint their prized possessions at the same time, and every few years in between too. It's hardly a surprise as keeping the yachts in tip top condition helps chartering them out and reaping big bucks: for example, the 95-metre Indian Empress, owned by Indian playboy multi-millionaire Vijay Mallya, commands a weekly charter rate of €750,000 (£660,000).