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The Superyacht Industry Significantly Boosts Local Economies. Here’s Why.

Dated: July 16, 2020
Category: Blog
superyacht

Whilst superyachts bring a wealth of joy to the lives of owners, the industry also has a positive impact on both the global economy and local communities. Whether it’s through the employment of crew members or it’s through the construction workers needed to build a superyacht, there are many who benefit from the industry outside of yacht owners themselves.

That’s why we’re exploring just how the superyacht industry positively contributes to the global economy and supports local business.

superyacht

The Construction Phase

Have you considered the amount of work that goes into building a superyacht from conception to construction? The construction of a superyacht is a lengthy process which requires a large team of professionals from industries of all kinds.

On average, it takes between two to four years to build a superyacht. Many individuals from different backgrounds such as engineering, computing, welding, painting, carpentry, wiring, plumbing and interior design are required to complete the build.

What’s more, some of these professionals come from a generation of yacht builders, reflecting the long and positive impact the industry has had on the economy. Considering it can take as many as 350 people to build a ‘small’ 65-meter yacht, the industry supports a variety of trades across the board.

Plus, there are also industries needed to supply materials for superyachts. With over 800 yachts under construction globally each year, it’s clear that local economies across the globe benefit from the industry.

superyacht

Running and Maintenance

After a superyacht is built and sold to its owner, many employees are hired to ensure that the yacht runs smoothly. A typical crew usually consists of a captain, a chef, an engineer, a steward, and other supporting staff.

The number of workers on a superyacht depends on the yacht’s size. For a one-hundred-meter superyacht, the typical crew size is around 40. And, the reality is that the majority of these crew members are from the local community.

Of course, it’s possible to sail the seas from country to country with the same key members like the chef, captain and chief engineer. However, local workers usually do most of the heavy lifting, which speaks to the positive impact the superyacht industry has on the global economy as well as local communities.

What’s more, the money that is put into buying supplies, fuel, and other essentials again supports tourism, supermarkets and fuel stations. As a guide, it’s possible for a 100-meter yacht to spend up to $150,000 per week to keep things running smoothly which is put towards local economies.

Considering the financial support the industry provides, it’s clear that many economies across the world benefit from superyachts. As Ocean Alliance explains, in 2016, superyachts contributed $2 billion to the GDP of Australia. Whilst that value may vary from year to year, the number speaks to the role the superyacht industry plays in boosting the global economy and supporting local communities.

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