Middle East's UHNWIs Corner Global Market for Superyachts
The Middle East has anchored itself among the most important superyacht markets with the highest growth as owners of luxury superyachts in the region continues to increase swiftly, according to leading trade organization the Superyacht Builders Association (SYBAss).
The SYBAss Pavilion at the Dubai International Boat Show 2014 reinforces the UAE's status as a hub for superyachts as yacht enthusiasts conduct business with the world's leading superyacht builders.
The 22nd edition of Dubai International Boat Show organised by Dubai World Trade Centre, runs on March 4-8, 2014 at Dubai International Marine Club, Mina Seyahi, and will capitalize on the Middle East's position as one of the world's leading luxury superyacht destinations with superyacht ownership continuing to rise.
Robert van Tol, Operational Director, Superyacht Builders Association (SYBAss), said: "While traditionally, Western Europe and North America are the major markets for superyachts of 40 metres and above in numbers, due to the many ultra-high net worth individuals (UHNWI) in these regions, the penetration percentage of each area - the number of UHNWIs versus number of superyacht owners - provides a much more interesting insight into the markets." "
The 2013 SYBAss Economic Report, developed in cooperation with Boston Consulting Group, reveals that the Middle East has the highest 'propensity to buy' a superyacht, at 48 percent. This means that nearly half of the UHNWIs in the Middle East are likely to own or buy a superyacht - higher than anywhere else in the world," he added.
The largest yacht in the world Azzam and around a third of the other 200 largest yachts globally are owned by the residents and nationals of the Middle East, according to a 2013 market analysis conducted by Boat International. These figures are further validated as the superyacht industry plows full speed ahead, with 2014 slated to be the first year for an increase in superyacht builds since 2009, according to the 2014 ShowBoats International Global Order Book.
The Dubai International Boat Show will host 19 superyachts on water this year, including the largest boat to be displayed in the history of the show, which is built by Oceanco. Key buyers and visitors will have the chance to network with some of the world's most celebrated superyacht builders at the SYBAss Pavilion including Azimut-Benetti, CRN, Fincantieri, Heesen, Mondo Marine, San Lorenzo and Trinity.
With the Dubai International Boat Show slated to attract more than 26,000 visitors, including 5,000 High Net Worth Individuals (HNWI), SYBAss Pavilion exhibitors are eager to tap into the market.
Luxury yachts were recently named the most popular luxury acquisition for billionaires, according to research organization Wealth-X, which provides intelligence on ultra-high net worth individuals. The recent World Ultra Wealth Report, based on findings in the Wealth-X and UBS Billionaire Census 2013, states that the Middle East's billionaires - with a combined net worth of $354 billion - hold a higher percentage of total wealth than in any other region in the world. Forty percent of the Middle East's Ultra High Net Worth wealth is held by the region's 157 billionaires, compared to 28 percent in Europe, 22 percent in North America and 18 percent in Asia, according to the report.
Property consultant Knight Frank predicts that the number of US dollar billionaires in the Middle East will grow by 45 percent over the next decade with the HNWI population (individuals having net assets over $30 million) in the region growing by 58 percent in 2022. The report also forecasts that the UAE HNWI population will grow by 53 percent in 2022.
"The Dubai International Boat Show has anchored the UAE as the key market for companies to showcase their dynamic superyacht products and services to leisure marine enthusiasts and HNWIs in the Middle East who value high standards of craftsmanship in their luxury purchases. Featuring the most advanced yachting design and technology from exhibitors and companies around the world, the SYBAss Pavilion is set to achieve new standards and inspire yacht enthusiasts of all backgrounds," said Trixie LohMirmand, Senior Vice President of Dubai World Trade Centre, organizer of Dubai International Boat Show.
Demonstrating the far-reaching demand for superyachts as well as leisure marine craft and services, the Dubai International Boat Show is expected to draw visitors from more than 70 countries, and will host 840 exhibitors and brands from 50 countries, with an expected 35 percent growth in US companies confirming floor space this year.
*Image credits: F.C Photography and Wikimedia Commons (CC license 2.0) and http://www.boatshowdubai.com
*Original story: Zawya via Google News (search term: Dubai Boat Show)
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