Russian oligarchs can't buy superyachts — but rich Americans are helping to fill the void
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- Superyacht sales fell 17% in 2023, but still stayed above pre-COVID levels.
- Sanctions imposed on Russian oligarchs dented the market, but America helped split the difference.
- Florida, where most US users base their boats, has been doing especially well, one expert said.
Both new and used superyacht sales of vessels longer than 100 feet fell again 2023 — in part due to sanctions imposed on Russian oligarchs.
But steady sales in America are helping to split at least some of the difference.
A total of 203 superyachts were sold globally in 2023 — a 17% drop from the 245 sold last year, according to the SuperYacht Times' annual State of Yachting report.
That's down from 2021's peak of 313 superyacht sales — though the report notes the market still remains high above its pre-COVID levels, and that "any number over 200 is historically still a high number."
Sales for superyachts over 200 feet slowed more than their smaller counterparts due to high pricing and longer build times, according to the report. And the fallout from Russian sanctions will likely impact the market for years to come, especially with respect to the larger ships that Russians have purchased in the past.
"Russian buyers remain largely absent from the newbuild market, which has an impact on the market for large newbuilds in particular," according to the report.
That said, SuperYacht Times' head of intelligence, Ralph Dazert, told Business Insider that sales in America are helping to fill some of the void.
"The strength of the US economy just continues to defy expectations, and Florida (where most of the US owners base their boats) has been doing particularly well," Dazert said. "The top end of the market has been hit by the Russian pullout, but it is beginning to bounce back, with mainly inquiries from the US again."
The US share of overall superyacht ownership stayed steady at 23.6% from 2023 to 2024, according to the report, while Russian ownership continued to decline from 8.1% to 7.8% over the same period.
And while Americans have tended to buy slightly smaller yachts than Russians in the past, Dazert said they are gradually moving up in size.
For new superyachts longer than 130 feet, Russia's share (now at 6%) has declined over the past decade, while the US share (29%) has continued to increase, the report found.
The report concludes that the superyacht market could see "further slowdown" in 2024, citing the conflict in the Middle East and the US presidential election — an event that's sometimes thought to impact sales.