NewThe Middle East has managed to propel itself among some of the most notable superyacht markets on the planet. Close to half of the wealthy residents here are looking forward to purchasing a luxurious yacht. Despite of the fact that North America and Western Europe are known as the main markets for 40-meter superyachts, the numerous residents with ultra-high net incomes in the Middle East have led to the current situation. By comparing the number of individuals who own superyachts with the number of residents with ultra high net worth incomes, the market insight gets interesting shades.
According to the 2013 SYBAss Economic Report which was created together with Boston Consulting Group, the Middle East currently possesses the highest propensity to buy a superyacht. The report provides a percentage valued at 48 points in this regard, which means that almost 50% of the ultra wealthy residents in the area are likely to either already be owning or consider purchasing a superyacht, the respective percentage is currently higher than anywhere else on the planet.
The Azzam supertyacht is the largest one on the globe and it is currently owned by Middle Eastern residents, along with a third of the biggest 200 superyachts in the world. The data is provided by a 2013 market analysis which was completed by “Boat International”. The number of superyachts that are being built is also on the rise. Moreover, according to the World Ultra Wealth Report which relies on the data provided by the Wealth-X and UBS Billionaire Census in 2013, it would seem that the billionaires in the Middle East concentrate a higher percentage of total wealth than any other part of the world.
According to official data, 40% of the Ultra High Net Worth wealth in the Middle East is held by more than 150 billionaires in the area, with close to 30% in Europe and a little over 22% in North America, or 18% in Asia. US dollar billionaires in the region is excepted to grow by 45% over the next 10 years, due to the increasing population of residents owning more than $30 million. The percentage is expected to grow by 58 points by the year 2022. According to a similar report, the high net wealth income population of the United Arab Emirates will grow by more than 50 percent by the year 2022.
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