The news has been spreading everywhere that Jeff Bezos has bought a superyacht. Jeff Bezos is the richest person in the world whose net worth has been increasing at a rapid pace. The net worth of Jeff Bezos has seen a greater spike after 2017. His wealth has approximately doubled since 2017. Many wealthy people across the globe have seen their assets and income hiked.

Due to the pandemic, every industry has suffered a lot in one way or the other. But, due to great amazement, the yacht industry has seen a speculated rise in this pandemic. It has never witnessed such an overwhelming response from the people that it has witnessed during the pandemic. Various reports have revealed that there will be the largest number of yachts sold in the year 2020. This trend is also expected to maintain or even rise in the year 2021 as well.

A sneak peek at Jeff Bezos’s yacht

Reports have revealed that the superyacht of Jeff Bezos is a 417ft vessel that is truly magnanimous. This superyacht is being built in the Netherlands by Oceanco. This will approximately cost $500m. But, owning this for Jeff Bezos is just like a piece of cake as he currently stands at a net worth of $200bn. Bezos is also planning to buy a smaller support yacht whose cost is not included in this cost.

The main yacht won’t be able to support its helipad as it has three sailing masts on its deck. The smaller yacht is expected to be loaded with various luxurious materials. This project named Y721 is expected to be accomplished by next month and it is speculated that it has been ordered by Jeff Bezos several years ago. These kinds of ships roughly take five years to complete.

What is a superyacht?

There has been no formal definition to support the meaning of superyacht. But, the yacht industry believes that a yacht that is over 74ft long can be termed a superyacht. Whereas some people believe that this term signifies for the yacht greater than the length of 200ft.

Jeff Bezos has ordered a superyacht that is over 400ft which can be approximated to be as big as the Great Pyramid of Giza and approx. half as long as Eiffel Tower. These types of projects are done with a great amount of secrecy that builders also sign in their disclosure agreements.

How is the yacht industry growing?

The yacht industry has seen a tremendous amount of growth in the pandemic. This industry has been booming at a rapid pace for the past 20 years. With the pandemic, people have taken the assistance of water to keep themselves safe and socially distant from others. The record of the yacht sales has marked an indelible impact in 2020. Initially, with the start of the pandemic, there was a little pitfall observed in the sales. But, with the advent of time, the sales shook flawlessly.

Reports have shown that Denison’s company will have sold 1008 yachts in 2020 that marks an increase of 35% in sales as compared to the previous year. According to the statistics, there are approximately 2.2 superyachts sold every week by this company. The demand for these vessels has surpassed the supply.

Who owns a superyacht?

It is quite confusing who owns the superyachts because they are initially bought by the corporation and then rented by the company’s owner. So, it is hard to say who owns them. Privacy is maintained while owning a superyacht. It becomes very difficult to say who owns the yacht or not. This industry is marked as the opaque industry in which no one knows for whom the yacht is being prepared or who ordered it when.

Why are they expensive?

Yachts are so expensive because they come equipped with all the basic facilities as well as luxurious facilities that an owner wants. They are very comfortable and help the owner to take them to some exotic vacation places. Skilled craftsmen customize the superyacht as per the needs of the owner.

If we talk about the Jeff Bezos superyacht then it involves about 400 workers and 60 people to crew it. This superyacht can cost approximately 10% of the total price for maintenance annually.