(Bloomberg) — Lounging in the Caribbean aboard a beautiful, 100-foot superyacht sounds pretty great, but it might be hard to relax when you have a hefty engine repair bill to pay and crew payroll paperwork to review. The annual cost of operating a 180-foot vessel is $4.75 million, or about 10% of the yacht's original cost. With high maintenance costs in mind, ultra-high-net-worth individuals looking to explore the high seas are increasingly turning to charters.
According to "The State of Wealth, Luxury and Yachting" report released this week by researcher Wealth-X and yacht management and sales firm Camper & Nicholsons, ultra-high-net-worth individuals, defined as those with a minimum net worth of $30 million, took 21% more charters in 2015 than in the year prior.
"Sales vs. charters is always a big discussion with clients," said Barbara Dawson, a senior charter broker with Camper & Nicholsons. “I think for some, the fact of being able to walk on and experience what that yacht has to offer for one week and go away, leave all the troubles behind, it’s a big plus. They don’t have to worry about the chef needing a month off, the captain needing to go into the yard, the engine has blown. They don’t want to have to manage.”
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