Inside Wealth

Hard Times in the Mega Yacht Market

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Source: SuperYachtTimes.com

Spending by the world's super-rich has largely recovered in areas like art, wine, super cars and mansions. But there is one corner of Richistan where spending remains in a deep depression: super yachts.

Not that the industry musters much sympathy. But new orders for yachts over 130 feet are down by half since their peak in 2008.

"The business is bad, and it's been bad since 2008 when the crisis hit yachting incredibly hard," said Henk De Vries of Feadship, one of the top three mega-yacht builders.