Charting the evolution of global ultra-wealth, this will form the basis of The Superyacht Forum…
The superyacht industry finds itself at an uncertain but exciting juncture. With the world ultra-wealth demographic in a state of constant evolution, the landscape of the superyacht market client pool is changing too and this will inform how the industry positions itself over the next five years and beyond.
By way of example, the existing superyacht fleet constitutes a ratio of 2.4 vessels to every billionaire on the planet, a figure that will no doubt offer reassurance to many. But contrast that with the fact that, in 2018, 68.9 per cent of the world’s 500 richest individuals are 60 or above, and it shows that the industry’s reliance on repeat custom may soon come to an end.
As a collective, the industry needs to reassess its approach to business development, and that is why it helps to present an accurate picture of where ultra-wealth is positioned, geographically, and where the wealth of tomorrow is emerging. For this reason, we have included data related to high-net-worth individuals, as well as ultra-high-net-worth individuals.
Unsurprisingly, ‘Asia’ is the buzz-word when it comes to new markets. Historically, the industry was, perhaps, premature and misguided in its attempts to infiltrate this nascent and diverse market. But anecdotal evidence indicates this is changing, and this rhetoric is supported by hard evidence, in the form of new-build commissions, a growing brokerage market, and major infrastructural investments across the continent.
Next week’s forum will aim to address the underlying issues that have inhibited market growth over the last 10 years, dissecting every element of the superyacht lifecycle, and charting ‘The Perfect Customer Journey’, starting with an opening keynote that will look at comparative luxury markets to ascertain how UHNWIs are spending their money and investing their assets.
In this report, superyachtnews.com invites a series of experts to outline best practice at each stage of the customer journey.
Originally published by WILLIAM MATHIESON at SuperyachtNews.com
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