Please select your home edition
Edition
X-Yachts AUS SAIL LEADERBOARD

Opportunities abound for yacht industry in Southeast Asia

by PR Newswire on 8 Apr 2014
Sail & Power Superyachts Phuket at Asia Superyacht Rendezvous Asia Superyacht Rendezvous
Southeast Asia is still a new and uncharted market for the yachting industry, presenting huge opportunities as well as complex challenges for companies seeking to grow their business, Wealth-X CEO Mykolas Rambus said during his speech at the Asia Pacific Yachting Conference (APYC) 2014 in Singapore.

As the ultra high net worth (UHNW) lifestyle becomes increasingly internationalised, there is growing interest in yachts among Southeast Asia's 4,690 ultra wealthy individuals, who have a combined net worth of US$625 billion, according to the Wealth-X and UBS World Ultra Wealth Report 2013. The addressable market is 20,000 UHNW individuals when accounting for spouses and children.

Rambus also noted that the intergenerational wealth transfer will be beneficial to the yachting industry in the region, where many clients are younger than the global average and are receptive to seeking new lifestyle experiences.

He, however, identified three key challenges facing yacht companies in Southeast Asia: an underdeveloped but nascent sea-faring market; a high financial threshold for yacht purchases, especially given the fact that the liquidity of Southeast Asia's UHNW individuals is lower than the global average; and lifestyle differences among Asia's disparate cultures.

The Wealth-X Q1 2014 Luxury Sentiment Survey showed that 87% of yachting industry executives expect global growth in revenue this year, and one third expect to see their business grow by more than 10% in the same period, he said.

Below are other key Wealth-X findings presented at the APYC, which is held in conjunction with the Singapore Yacht Show:
• Superyacht owners are generally 30 percent wealthier than owners of private jets, but only seven percent of luxury asset spending in Asia was on yachting in 2013, lower than the global average of 16%.
• The global average net worth of superyacht owners is US$680 million, compared to US$520 million among private jet owners.
• Superyacht owners are predominantly self-made males in their 60s with an average liquidity of US$117 million, and their yachts holdings are worth at least US$20 million, US$8 million more than aircraft owners.

More at www.singaporeyachtshow.com

Zhik 2022 Choice of Champions FOOTERNorth Sails 2021 Innovation - FOOTERRolly Tasker Sails 2019 728x90 Footer

Related Articles

U.S. SailGP Team ready to rebound
At ROCKWOOL Sail Grand Prix | Denmark U.S. SailGP Team CEO and Driver Jimmy Spithill recognizes the hard work ahead at this weekend's ROCKWOOL Sail Grand Prix | Denmark, and says the team has pulled no punches during their internal debriefs to help them improve.
Posted today at 7:20 pm
Denmark chasing SailGP win on home waters
Will Copenhagen see an event win for Nicolai Sehested's team? Having made its first ever event final last time out at the Great Britain Sail Grand Prix in Plymouth, the Denmark SailGP Team presented by ROCKWOOL is looking to go one better and make a serious statement to the rest of the competition.
Posted today at 6:43 pm
Golden Globe Race ready to go
Village opens in Les Sables d'Olonne on Saturday 20th August With the finish of the SITraN Challenge from Gijon to Le Sables D'Olonne, the GGR Fleet is assembled for the first time on the Golden Globe Race dock, gearing up for the village opening in three days.
Posted today at 11:34 am
2022 Airlie Beach Race Week final day
A magic day on the water for the record fleet of 178 taking part A magic day on the water for the record fleet of 178 taking part in the final day of racing at Airlie Beach Race Week (ABRW) in the Whitsundays, the sun and wind turned on their charms one more time, as whales and dolphins cavorted in the background.
Posted today at 10:02 am
SailGP: Two skippers query Swiss helm move
Two top skippers have queried the wisdom of moving Swiss coach Nathan Outteridge onto the helm Two top skippers have queried the wisdom of moving coach Nathan Outteridge into the helmsman's role aboard Switzerland SailGP for the upcoming event in Copenhagen. Jimmy Spithill and Phil Robertson were critical of the move at today's Media Conference.
Posted today at 9:52 am
Racing in the Fireball Irish Nationals start today
A noon start at Lough Derg for the Pre-Worlds event This morning in Lough Derg we have grey skies and low cloud on the County Clare side of the water. A briefing is scheduled for 10:30 from Race Officer Con Murphy (IRO) who arrived on site this morning.
Posted today at 9:23 am
F-18 Raid World Championship 2022 day 1
What a wonderful Wednesday at Saltsjöbaden, Sweden A day of sun, fair winds, warm waves and hard rocks. In the morning the waters outside KSSS harbour in Saltsjöbaden looked smooth and shiny like a polished hood of car, the sun trickled through a light mist and warm and humid air felt like a Turkish bath.
Posted today at 8:51 am
Vaikobi Father's Day Downunder SALE 2022
Selected bundles are now 20% off! To celebrate Father's Day in Australia and NZ, Vaikobi have created 4 fantastic bundles for the Dad in your life. They're all 20% off until 4th September 2022. Sale is available to customers worldwide.
Posted today at 6:09 am
SailGP new sponsorship with KPMG Australia
Title partner of the Australia Sail Grand Prix | Sydney SailGP has announced a new sponsorship with KPMG Australia, which sees the leading professional service firm become the Title Partner of the KPMG Australia Sail Grand Prix I Sydney, in a multi-season deal.
Posted today at 6:00 am
Aspire wins 5.5 Metre Swiss Open at Brunnen
After Ali Baba fight back on Wednesday Aspire (POL 17, Mateusz Kusznierewicz, Przemyslaw Gacek, Edward Wright) has won the 5.5 Metre Swiss Open at Brunnen on Lake Lucerne, hosted by Regattaverein Brunnen, on Wednesday.
Posted today at 5:57 am